Heavyweight execs search $100m to place World Cup of Motorsport on beginning grid
Executives together with a former director of world motorsport’s governing physique and the Nectar loyalty scheme founder Sir Keith Mills are in talks to boost $100m (£80m) to finance the rebirth of A1GP, the motor racing collection contested by nationwide groups from across the globe.
Sky News has learnt that heavyweight names from the sporting and enterprise arenas are pitching to traders to safe the financing to be able to relaunch the collection – which was final staged in 2008-09 – by the top of subsequent yr.
If the fundraising is profitable, 20 groups representing international locations from around the globe would compete for the World Cup of Motorsport, with each driver competing in a single specification of automobile.
The open-cockpit automobiles would have a prime pace of roughly 350kph, probably making A1GP the second-fastest motor racing collection on this planet, behind F1.
In a nod to rising issues in regards to the environmental affect of elite motorsport, the vehicles can be designed to run on sustainable gas.
Sources mentioned numerous deep-pocketed funding funds and people had already expressed curiosity in financing the venture.
The venture is being spearheaded by a group together with Marcin Budkowski, a former group principal on the Alpine F1 group and beforehand a director of the Federation Internationale de l’Automobile (FIA).
Its industrial operations will likely be led by an as-yet unnamed govt, based on one insider.
The plot is being put collectively in collaboration with Origin Sports Group, a sports activities funding agency which has performed a key function in globally famend occasions together with the America’s Cup World Series and the Invictus Games.
Origin’s founder, Sir Keith, who led London’s profitable bid to host the 2012 Olympic Games and is now a director of Allwyn, the subsequent operator of the National Lottery, is appearing as a senior adviser to the enterprise.
David White, a former world president of the French media big Lagardere, can be concerned within the venture, whereas Mike Gascoyne, the F1 technical veteran, has been enlisted as an adviser.
Prospective traders who’ve been approached about backing A1GP mentioned it was envisaged that the collection may characteristic groups from international locations together with Britain, China, Italy, Saudi Arabia and the USA.
Talks with automobile and engine producers are underway, based on insiders, with a working prototype already constructed.
A1GP wouldn’t search to compete instantly with F1, they added, however would as an alternative stage numerous its races through the F1 low season.
“There is strong appetite for nation vs nation competition in sport, and motorsport is no exception,” mentioned one trade govt.
The revamped collection would happen throughout 12 races, unfold throughout Europe, North America, Latin America, the Middle East, Africa, and Asia-Pacific.
A1GP’s season would run from December to July, with the organisers anticipated to position a robust emphasis on fan accessibility by way of low-cost normal admission pricing.
Its schedule can be designed to minimise air freight prices for each monetary and environmental causes, one potential investor mentioned.
Each nationwide group would characteristic one skilled racing driver, and one youthful competitor who can be chosen by way of an annual expertise competitors that might itself be televised.
One supply mentioned the possible revival of A1GP represented a wager that rising worldwide TV audiences could possibly be sustained.
The Netflix fly-on-the-wall documentary collection Drive To Survive has been credited with opening up F1 to demographic teams which had beforehand proven little curiosity within the sport.
F1 is broadcast in markets together with the UK, Italy and Germany by Sky Sports, which shares a father or mother firm with Sky News.
In its authentic incarnation, A1GP’s ultimate race happened in May 2009, with the worldwide monetary disaster placing paid to hopes of elevating enough funding to maintain it going.
The executives behind the brand new model are mentioned to have devised a monetary mannequin which might see the World Cup of Motorsport’s groups centrally owned and managed, with the potential to boost funds from the sale of particular person franchises at a later date.
None of these concerned in A1GP could possibly be reached for remark this weekend.