The quest for a greater return on investment in all of sport advertising grows…
Formula One team Renault may leave the sport if it doesn’t get a bigger share of the sport’s commercial revenue, according to Bloomberg. Chief operating officer Patrick Pelata said that the carmaker must reduce its overall Formula One bill beyond the cost cuts agreed among teams in December, to stay in the sport.
The team will seek to reduce its Formula One salary bill in addition to exploiting greater income from broadcast rights, circuit fees and trackside sponsorship. “We’re seeking to bring down contract costs and receive more of the revenues” said Pelata said in an interview at the Geneva Motor Show. “We want to remain part of the emotion and the spectacle of Formula One, but there are really no taboos [if talks fail].” The Formula One Teams’ Association will press its demand for a bigger slice of the sport’s revenue tomorrow in Geneva. Thanks again to Sport Business International.