The Business of Motorsport24th September 2010
The Business of Motorsport in Asia forum at the Singapore Exchange was an interesting session covering the impact of hosting a Formula 1 race in a city. Mr. Iswaran, the Singapore Senior Minister of State for Trade & Industry and Education talked highly of the commercial impact Formula 1 has had on the city since 2008. And it was encouraging to see how the Sports Council was working hard to embed motor-sport into society with year long activities from grass roots racing and children’s events through to ‘Sliding’, a popular sport in Asia. Emotional and fiscal growth are real and positive.
However, one of the most wonderful moments for me was the power that is; Mr Ecclestone. He arrived to talk about the specifics of Formula One and the global partnerships that are building alongside an ever growing race calendar. When asked what was it about LG that worked so well with F1, what is this partnership based on? Mr E replied ‘I needed a new washing machine, they make good washing machines’. I find it amazing that however many powerpoint presentations, videos and brand matrixes we utilise to explain how a partnership in F1 can help a brand, Mr E summed it up quite lucidly. It is simply powerful enough to make a consumer in need of a washing machine now think of LG. They may not have known about the brand before but now they do, and they trust it due to the values of Formula 1. The master of one liners did it again.
I will not tell you what he said about why UBS are now a great partner! But what a man…