Qatar Airways Wins Global Sponsorship Rights To Formula 1 In A Multimillion-Dollar Deal

(CTN NEWS) – Following a successful outbid over regional rival Emirates for the sponsorship rights, Doha-based Qatar Airways has been named the global airline sponsor of Formula 1 for the next five years.

The agreement was made public on Wednesday night during a motorsports event that Qatar Airlines hosted on Lusail Boulevard in Doha.

Although the sport’s proprietors, Liberty Media Corporation, demanded that Emirates pay twice as much as it did in 2018 to acquire the rights to the sport, Qatar Airlines is thought to have successfully wrested control of the sponsorship rights from Emirates.

The price of the agreement has not been disclosed by either Qatar Airways or Liberty Media, although it is widely assumed that Qatar Airways paid somewhere in the neighborhood of $50 million to win the five-year contract.

Qatar Airways has acquired the rights to become the primary sponsor of three Grand Prix races in 2023 in addition to becoming the official global airline partner of Formula 1.

Qatar Airways To Replace Emirates

The Italian Emilia Romagna Grand Prix will take place between May 19 and May 21, while the Hungarian Grand Prix will take place between July 21 and July 23.

Of course, the Qatar Grand Prix, scheduled for October 6–8, will serve as the third and final race.

As a result of the agreement, Qatar Airways will replace Emirates, whose recognizable red trackside banners have been a fixture of F1 races for the previous ten years, with burgundy branding.

As part of the agreement, Qatar Airlines will also start providing vacation packages to particular Grands Prix.

Stefano Domenicali, President & CEO of Formula 1, said: “As the pinnacle of motorsport, it makes sense for Formula 1 to work with a global leader in aviation like Qatar Airlines.”

Domenicali stated, “We are two businesses dedicated to providing the finest experience to our fans and customers, and our combined global reach makes this an ideal marriage.

Emirates Discovered High-end Sponsorship Agreement

Emirates has amassed a sizable portfolio of sports sponsorship agreements, which the airline considers to be a crucial component of its global expansion plan.

The airline discovered that a high-end sponsorship agreement targeted at different regions and demographic groups throughout the world may help it build brand awareness.

Although the epidemic may have caused Emirates to reevaluate how much it is ready to spend to acquire a particular business, the airline insists that it is still dedicated to this strategy.

Qatar Airlines has been gradually expanding its roster of sports sponsorships, with its worldwide partnership with FIFA being the most notable.

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