F1's Global Expansion Slowed Due To Financial Problems
F1's expansion into the global market has brought with it "some bumps in the road," according to Thomas Mersch of HANDELSBLATT. In the last 10 years, F1 has entered markets such as China, UAE's Abu Dhabi and India and will soon host races in New Jersey and Sochi. However, the racing series' expansion "encounters financial problems," as seen in South Korea, and "other problems that slow down its expansion." Sports marketing company Sport+Markt motorsports expert Friedhelm Lange said, "The future of F1 is not free from worry. In some important markets it encounters decreasing interest or flat-lining interest on a low level." F1 CEO Bernie Ecclestone is highlighting his strategic skills with F1's global expansion, "which attracts business to motorsports." Lange said, "F1 is for car manufacturers and sponsors a good tool to tap in to new markets. They don't have to think in each new country about what sports to join." The teams also back the series' global course. Mercedes Motorsports Dir Norbert Haug said, "Mercedes-Benz sells 83% of its premium vehicles in countries that host F1 races." The new Concord Agreement between Ecclestone, teams and motorsports governing body FIA is supposed to be adapted at the end of the month. The agreement regulates the distribution of F1's revenue until '20. It is uncertain if the new markets will have positively developed until then (HANDELSBLATT, 10/12).