F1’s Williams Racing team looking for more partners in Asia as interest grows

SINGAPORE - Formula One’s (F1) Williams Racing team is looking for more business partners in Asia to sponsor its future races, and aims to set up an office in the region to expand its network in the next 12 to 18 months.

This comes at a time when F1’s audience in Asia is expected to grow in tandem with the region’s rising economic affluence.

Sponsors provide the funding necessary to operate an F1 racing team. In return, the sponsors get their logos placed on the F1 cars, driver suits, helmets and other assets. These are seen by millions of people globally, providing sponsors with significant exposure.

For example, Malaysia oil and gas company Petronas is a financial backer of Mercedes, while Red Bull sponsors its own F1 racing team.

Both companies’ logos also appear as prominent branding on the cars.

Mr Peter Kenyon, commercial adviser of the British F1 racing team, said in a recent exclusive interview with The Straits Times: “If we look at F1, there are 24 races and three currently in Asia. We believe that there will be more races coming to Asia.”

Currently, the three Asia F1 races are held in Japan, China and Singapore.

“We look at the economic growth of Asia over the next decade. That’s where the audience growth is coming from.”

To that end, the Williams Racing team held a networking session with companies in Singapore on Sept 20 to generate interest in becoming its potential partners or sponsors.

“We see the importance of this region. We want to start building that relationship and networks now,” Mr Kenyon said.

Businesses from Asia are also under-represented in the sport, making up just 13 out of some 223 F1 sponsors, noted Mr James Vowles, team principal of Williams Racing.

“The presence just simply isn’t there today,” he said.

But he noted that interest here is rising, with Asian countries vying to be Grand Prix hosts. In May, it was reported that Thailand, South Korea and Indonesia were interested in hosting the races.

Mr Vowles expects that in the next five years, there will be more Grand Prix events in Asia, which will draw greater audiences.

“We want to invest in that growth because it’s the most potent across the world, simple as that,” he said.

As part of the drive to attract Asian partners, Mr Kenyon said Williams Racing might soon have an office based in Asia, of which the location remains undisclosed.

It already has offices in London and New York.

This feeds off growing awareness in the region of the sport, which Mr Kenyon hopes will increase, especially since each F1 Grand Prix takes place over three days, unlike a football match.

Mr Kenyon, who was also chief executive of Premier League teams Chelsea and Manchester United before joining F1, said: “I was part of building the brand of Manchester United (in Asia). So I think we’re thinking in the same way with this.

“This region is going to be a very important part of the ecosystem over the next decade.”

When asked which sectors he was exploring to find partners in, Mr Vowles said there is no sector that is “closed off”.

He noted that being a partner is more than just about “a sticker on a car that is seen by 700 million people”.

“It is about creating a connection with a partner. If we find the right relationship, both parties get a huge amount out of it, and that’s why it works fundamentally.”

He added that Williams Racing is also looking for “brands that have synergy” with what the company does. An example is Japanese multinational company Komatsu.

In September, both companies launched a Komatsu-Williams Engineering Academy aimed at cultivating the next generation of engineering talent.

In 2025, 10 students from around the world with science, technology, engineering and mathematics backgrounds will get the opportunity to take steps towards a career in engineering and motorsports. They will gain experience and benefit from the combined resources of Komatsu and Williams Racing.

“We’re completely aligned on how we want to bring in future generations of talent into this environment that we’re in; (it’s) a mechanism that works for all parties. And it’s beyond a sticker. It’s about a relationship,” Mr Vowles said.

Komatsu president and chief executive Hiroyuki Ogawa added that both companies share values around innovation and the development of their people.

Mr Todd Connolly, Komatsu’s vice-president for global brand transformation, added that the partnership also helps to raise brand awareness for the firm globally and attract the next generation of diverse talent.

Williams Grand Prix Engineering, which designs cars and races under the name Williams Racing, is based in Oxfordshire, Britain.

It has nine Constructors’ Championships and seven Drivers’ Championships under its belt – the two world championships contested under F1.

One of its drivers is Thai-British Alex Albon, who races under the Thai flag. He is also the only South-east Asian F1 driver on the circuit.