Formula One recently announced it would hold the British Grand Prix at Silverstone through 2024. (Courtesy Silverstone Circuit)

Naming-rights search for home of British Grand Prix part of agreement

Oak View Group has announced the launch of the OVG International Venue Alliance with founding member Silverstone Circuit.

Financial terms of the deal were not disclosed.

The two-year agreement focuses on developing commercial partnerships and content opportunities. It follows Formula One’s decision to hold the British Grand Prix at Silverstone until 2024.

“Silverstone’s two-year agreement with OVG aims to deliver corporate partnerships at prime locations around the track, including the prominent bridge connecting the hotel to the wing, the 4,000-capacity conference and exhibition space, the new luxury ‘Residences at Silverstone,’ and The Silverstone Experience Centre — which is due to open soon,” the announcement of the partnership states.

The agreement also aims to secure an annual naming-rights partner for Silverstone, as well as other corporate partnerships.

In addition, OVG plans to attract events, including concerts and festivals, to the circuit, given its expertise in music and live entertainment. (OVG is also the parent company of VenuesNow.)

Silverstone is the first of a number of announcements OVG expects to make as new members of the OVG International Venue Alliance are confirmed throughout 2019.

The alliance is modeled on OVG’s Arena and Stadium Alliance in the United States, by its own admission “an invitation-only partnership of 28 arenas which enables independent venues to attract global sponsorship opportunities, additional events and content, and achieve efficiencies of scale that are otherwise only available to large groups.”

The Silverstone partnership follows the launch of Oak View Group International in March, and the announcement of its first European development project, the Santa Giulia arena in Milan, Italy, which will host events during the 2026 Winter Olympics.

Commenting on the partnership, Sam Piccione, Oak View Group’s International president, said in a statement: “We’re delighted to be in a position to help Silverstone deliver additional revenue as a founding member of Oak View Group’s International Venue Alliance.

“This iconic circuit has a rich motorsports history, and we’re looking forward to working with the Silverstone team to develop world-leading content, partnerships, and experiences during this next exciting phase of their development.”

Nick Read, commercial director at Silverstone, said: “With Silverstone’s extended five-year contract to host the British Grand Prix now in place, the opportunities for partnerships with British and global brands are limitless.

“We are excited to be working with Oak View Group’s world-class team to expand our partner portfolio and reach, and we’re looking forward to working alongside other like-minded venues as they join the OVG International Alliance.”