Formula One has struck a deal with SiriusXM, a media partner and fellow property of the racing series’ owners Liberty Media, to open an office in New York City, according to a report in Forbes.
The US business publication report's reveals that documents filed by SiriusXM, which is 71 per cent owned by Liberty, state that: “in January 2018, we entered into an agreement with Liberty Media to license approximately 800 square feet of space and provide office services in one of our New York offices for use by Formula One, a subsidiary of Liberty Media. Liberty Media pays us an annual fee of US$25,000 for the use of this space.”
The news comes as Formula One looks to grow its US presence having recently got the green light for a second US-based race in 2019 on the streets of Miami.
Speaking recently on business podcast Kindredcast, Sean Bratches, managing director of commercial operations at Formula One, indicated why he is keen to raise the series’ profile on the other side of the Atlantic: "The United States is second to Europe in terms of the volume of consumption of Formula One content on a digital basis so I think there is an underlying fanbase there that just needs to be activated. It needs to be served.”
The news of Formula One looking to open up in New York was first reported last year. Norman Howell, director of communications at Formula One, confirming at the time that “we are opening a small commercial office” that will be predominantly dealing with the “sponsorship side of things".
Formula One was bought by American media conglomerate Liberty Media Corporation for US$4.4 billion in 2016 and Chase Carey, who became chief executive of the series in January 2017, has long stated in his intention to increase the championship’s presence in the lucrative US market.
The New York office would serve as an outpost for the series, which moved into a new St James's Market headquarters in London last year. The move from Knightsbridge was a bid to draw a line under the Bernie Ecclestone-era, or as it more kindly put at the time: “accelerate [its] business transformation”.