Venturi Racing, of motor racing's all-electric Formula E series, have appointed Turnstile, the sponsorship-pricing platform, to value their intellectual property (IP).
The appointment is part of a broader effort to quantify the value of sponsors associating themselves with the team, which is seeking to better understand the fair market value of what it views as its “sustainable, gender diverse, and high performing racing brand.”
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Turnstile’s services will aim to provide insight for the team itself and potential sponsors, as well as other related parties.
IP valuation forms only a part of Turnstile’s offer of pricing global sport and entertainment sponsorships.
Among the firm’s other clients are the British and Irish Lions rugby union touring team, the European Professional Club Rugby body, and the International Cricket Council.
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Chris Travers, commercial director at Venturi, said: “Turnstile is allowing us to clearly demonstrate the value of associating with our racing team. We believe that Turnstile’s methodology and approach to intellectual property, in particular, will better reflect what Venturi Racing can deliver to partners compared to simply looking at the exposure that can be delivered on screen.”
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By GlobalDataDan Gaunt, general manager of Turnstile, added: “We know our approach and data set, coupled with our expertise in the valuation of intellectual property lends itself perfectly to properties within the Formula E ecosystem. We’re passionate about the role that motorsport can play in building a more sustainable world, so it’s an honor to be playing a supporting role in this movement by helping our clients justify their value and attract increased levels of investment.”
The Turnstile announcement follows that of a multi-year partnership between Venturi and the Italian car manufacturer Maserati, struck last week.
That will take effect from the start of the 2022-23 season, Formula E’s ninth and the first in the Gen3 era when new cars that are more powerful and sustainable will be introduced.
The partnership, which will be Maserati’s debut in Formula E, will see the brand provide powertrains for Venturi.
The ongoing eighth season of Formula E began in January and runs through until August.
Venturi currently sit fourth in the team standings, with one driver Lucas di Grassi having finished eighth at the Rome E-Prix on Sunday (April 10), while the other, Edoardo Mortara, did not finish.
Scott Swid, chairman and managing partner of Venturi, said: “Partnering with Maserati for Gen3 is brilliant news. It’s excellent for the team, for Maserati, and Formula E, but above all else, it’s fantastic news for the fans who will witness the return of an iconic marque to top-tier motorsport.
“Not only does this establish strong foundations for our long-term future in Formula E, but it also marks one of the most exciting stories in international sport in which a prestigious brand is returning to its roots by joining the most progressive and fastest-growing form of motorsport.”
Read GlobalData Sport's interview with Turnstile's Dan Gaunt.
