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New ownership moves Ocean Race away from title sponsorship model

Race seeks long-term presenting partner deal as new ownership want to make the race itself the master brand Authentic focus on sustainability and oceanic environmentalism shapes offer to current and potential partners Commercial team sees increased interest form brands planning for a post-Covid-19 sports industry The new owners of The Ocean Race – once known simply as ‘The Volvo’ – are leading the multi-stage global sailing competition on a commercial pathway away from title sponsorship and focused on sustainability. The Ocean Race 1973 SLU is a Spanish company that acquired the event from its previous owners, Volvo Cars and Volvo Group, in 2018. Volvo was both rights-holder and title sponsor for such time that the race became synonymous with the brand. Now the new ownership, led by race chairman Richard Brisius and managing director Johan Salén – both former competitors and team managers in the event itself – are building a new commercial proposition. No more naming rights Most notable among their changes is the removal of the title sponsor position, driven by three beliefs within the company: One, that it would otherwise be impossible to build the event’s own brand; two, that it limited the event’s appeal to potential sponsors in lower-tier slots; and three, that it would colour the race’s perception as a commercial vehicle, when sustainability is the watchword. Instead, TOR 1973 is seeking a principal partner, one prepared to make a long-term commitment of at least a decade.

Read more at:
https://www.sportbusiness.com/2020/06/new-ownership-takes-ocean-race-away-from-title-sponsorship-to-increase-strength-of-its-own-brand/

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