When Formula 1’s American media rights head to the open market after the 2025 season, it will be all or nothing for a broadcast partner.
Per the Sports Business Journal, F1 President and CEO Stefano Domenicali said that multiple packages for the circuit’s media rights didn’t appear to be on the cards. Domenicali claimed having multiple media partners could create “more confusion” among viewers.
“Creating multiple offers is creating more confusion,” he said, stressing that F1 is still focused on generating awareness in the U.S. “We need to make sure that the credible demand we have from different partners will be taken in the right way at the appropriate time, but for sure that will represent for us a big opportunity [in the future].”
Domenicali made the comments on Thursday during Liberty Media’s (F1’s parent company) earnings call.
F1 signed a new media rights deal with ESPN in 2022, a three-year pact paying a reported value of between $75 and $90 million annually through the 2025 season. Apple has already been tied to bids for F1’s rights following the expiration of the pact, reportedly offering $2 billion annually for a global deal.
This year has been an especially strong one for F1 on ESPN, with May’s Miami Grand Prix, the Monaco Grand Prix, and June’s Canadian Grand Prix all setting record viewership.
The 2024 Formula 1 season continues with the Dutch Grand Prix on August 25.
About Joe Lucia
I hate your favorite team. I also sort of hate most of my favorite teams.