- Cadillac reportedly seeking up to US$70m from future title partner
- New partnerships chief Willem Dinger wants to build a “fewer, bigger, better” ecosystem
The Cadillac Formula One team are happy to enter their debut season without a title partner agreement, bucking the commercial strategy seen across the rest of the grid.
McLaren became the final team to secure a naming rights deal for next season when Mastercard signed a contract worth an estimated US$100 million per season in August. Cadillac, however, will not be following suit when it joins the grid – at least not initially.
“Right now, we’re not looking for a title partner and if that comes along, that comes along, but we’re not going to force anything,” Lauren Teixeira, chief commercial officer of Cadillac, told BlackBook Motorsport at the Las Vegas Grand Prix.
“We will be more selective, making sure that it aligns so we can really activate together and do good things together versus making sure we have a title partner by the time the season starts or anything like that.
“And Cadillac is the hero brand, we can lead with that.”
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In September, Sports Business Journal (SBJ) reported that Cadillac were seeking as much as US$70 million a year from a potential title sponsor. That target is unlikely to have changed, but the US-based team is choosing commercial caution rather than rushing to cash in on Formula One’s current popularity.
With the significant financial backing of TWG Global and General Motors (GM) behind the entry, Cadillac are also under less pressure to secure a naming partner immediately.
That stance is reinforced by Willem Dinger, Cadillac’s chief partnerships officer, who said the organisation is focused on building a “fewer, bigger, better partnership ecosystem”.
This doesn’t necessarily signal a long-term position, but, as Dinger noted, “this is the right strategy and approach for where we are right now and in this moment”.
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