F1 set for Eastern expansion

Formula One looks set to continue to target new events in new markets, particularly in the Middle and Far East, following reports that its advertising and hospitality division took a hit over the last twelve months.

The UK’s Daily Telegraph reports that CVC – the private equity company which assumed control of the sport's commercial side in 2006 – reported an after tax loss amounting to $3million from the advertising and hospitality division based on figures for eleven of 18 races staged after the 31 May takeover date.

With countries such as China, Bahrain, Singapore and Abu Dhabi securing spots on the grand prix calendar, demand for Formula One racing in the Middle and Far East remains high, providing a serious boost for both trackside exposure and hospitality.

CVC took control of Formula One's commercial rights through its Alpha Prema UK offshoot in March 2006 and added the sport's sponsorship agency and hospitality groups in a $1.7billion second acquisition in April.