Yutime new sponsor for FI race
Petrochemical enterprise Yutime has been named as event sponsor of the F1 Chinese Grand Prix.
Formula One Chinese Grand Prix local organizer Juss Sports said the sharing of commercial rights by the Formula One Group has allowed it to better explore the potential of the Chinese market.
Juss announced global petrochemical enterprise Yutime as the new event sponsor of this year’s F1 Chinese Grand Prix on Friday. The two parties will join in the promotion of the premier motor racing event.
Since Liberty Media took over the Formula One Group in 2017, the sport’s governing body has tweaked the way races are run.
“The Formula One Group values local promoters and is willing to share more commercial rights with them, which activated our interest to seek for and cultivate more commercial partners,” said Yang Yibin, deputy general manager of Juss Sports. “F1 is no longer exploring the Chinese market itself, but doing so with the help of the local organizer and the new sponsors.”
Yutime brand director Feng Shuai said he hopes the new cooperation will provide a world-class platform for Yutime in China to compete against its national and international competitors.
The 2019 F1 Chinese Grand Prix, the 1,000th race in F1’s history, starts at 2pm on Sunday at the Shanghai International Circuit in Jiading District.
