Grand Prix Promoters Organize To Gain Bigger Say In Sales
Event promoters who stage Grand Prix races have come together to form the Formula One Promoters Association, according to Quentin Spurring of AUTO WEEK. The group, registered in Geneva, will "represent its interests" in negotiations with world motorsports governing body, FIA, and F1. The new company's articles of association state that its objectives are to “promote better understanding of Formula One racing by the media and the public and to encourage ticket sales at individual events.” During '11, the events promoters paid F1 $510M for the rights to host their races. However, the promoters are "still excluded from the Concorde Agreement." Australian Grand Prix Corporation CEO Ron Walker will chair the new association, which will "seek to compensate by giving the promoters a united voice" (AUTO WEEK, 6/8).