Formula One team Williams have partnered with the Turnstile sponsorship valuation platform.
The deal will see the British motor racing outfit use Turnstile to more accurately value their sponsorship portfolio for existing and potential commercial partners. The platform claims to take a revolutionary approach to valuing sponsorships by incorporating methodology which analyses the intellectual property value of sponsorship assets as well as carrying out exposure measurement.
Turnstile was launched in February by sport and entertainment consultancy, Gemba, and Williams are the first Formula One team to sign up with the platform. The global motorsport series was also a foundation client for Turnstile before it was put on the market.
“We were really impressed when we saw how Formula One was using Turnstile to underpin more strategic discussions with existing and prospective partners,” said Richard Berry, head of commercial at Williams. “Williams Martini Racing is always working to ensure that we are providing our commercial partners with best practice and we saw the adoption of Turnstile as another proof point of this commitment.
“The Turnstile methodology will allow us to have more holistic discussions with commercial partners by recognising the full extent of our value proposition. We are also very conscious that Williams fans are consuming our sport across a variety of mediums and Turnstile will be able to capture the full extent of our global audience. Finally, and most importantly, we are excited about working with Turnstile to understand, for the first time, the full global value of our intellectual property.”
Rob Mills, director of Gemba, added: “Our aspiration is to make Turnstile the global standard for the pricing of sponsorships in sport and entertainment, so the endorsement of such a powerful brand like Williams is a very important milestone for us and strong recognition of the value of the platform.”
Williams have endured a torrid start to the new Formula One season, and sit bottom of the constructors’ championship after the opening five races.