July 5: Formula One has reportedly teamed up with sports marketing agency Lagardere Sports to build strategic partnerships in China from 2018 onwards and to raise the sport's profile in a region it sees as having a huge potential for growth.

According to Reuters, the partnership will see Lagardere leverage their experience in China’s market to "identify and secure strategic partners for Formula One in areas including event promotion, media rights, digital and brand partnerships, merchandising, talent development and racing team development."

It is also revealed that Liberty Media, the new owners of Formula One, regarded China and the United States as ripe for expansion and there had been talk of adding a second grand prix in China to the long-standing one in Shanghai.

Belonging to the media conglomerate Lagardere, Lagardere Sports has taken steps into China’s market by setting up a franchise in Shanghai. 

Source: Reuters 

Proofread by Raymond Fitzpatrick