Formula One has promoted Emily Prazer to be the series’ global chief commercial officer.
Confirmed:
- Prazer, previously F1 Las Vegas’ chief commercial officer, will report directly to chief executive Stefano Domenicali
- She will run commercial partnerships, marketing and hospitality for the series
- Prazer will remain heavily involved in Las Vegas
Context:
The Las Vegas Grand Prix faced numerous challenges ahead of its debut event, but commercially the race proved a success. This has seen Prazer rewarded with control of the series’ global commercial decisions.
She joins the global team after last year’s Q3 earnings report that saw revenues of US$715 million, a seven per cent year-over-year (YoY) increase. However, this was down on the US$744 million Q2 revenue figure of the same year.
Coming next:
The immediate goal will be sustaining overall growth for Formula One, which will likely see the successful commercial strategy from the Las Vegas race rolled out across the global series.
Formula One will also likely target similar landmark deals to the American Express contract, which saw the US-based company expand into a sports category for the first time in over a decade.