The AIM-listed firm said it will deliver the Pro Draft Reveal show and the Pro series in 2020, the Challenger Series qualifying events, Pro Draft live show and Pro Series in 2021 and qualifying events in 2022.
Under the terms of the contract, Gfinity will deliver a dedicated account management team to deliver all elements of the programme, provide a full league operations team to write all rules and govern drivers participating in the tournament and provide the use of its proprietary 'Race Control' in-race adjudication system. The company will also use its arena in London as the main venue for live broadcasts.
Gfinity also announced that the F1 Esports Virtual Grand Prix, designed to replace each live F1 Grand Prix race postponed due to coronavirus, has been extended until June. The series has already held five Grand Prix races since March 22 as well as three F1 Esports Challenge Driver events.
The new deal marks an extension of Gfinity’s relationship with F1 and Codmasters Group Holdings PLC (LON:CDM), which produces the F1 video game series. Gfinity has collaborated with the two groups to create the F1 Esports Series since 2017.
"The F1 Esports Series is one of the most exciting esports tournaments in the world and we are delighted to be working with F1 for a further two years”, Gfinity chief executive John Clarke said in a statement.
“Signing a multi-year agreement highlights our ability to leverage our unique position at the centre of the esports ecosystem to design and develop esports solutions for our clients.
"The Virtual Grand Prix Series has also caught the imagination of race fans as, shown by the amazing viewing numbers, and we are excited that a new, younger global audience is experiencing the F1 brand in a totally different way", he added.
Gfinity shares jumped 14.7% to 1.7p in late-morning trading on Wednesday.
--Adds share price--