Gfinity PLC (LON:GFIN) said it has agreed distribution deals with three leading global broadcasters, alongside its partner Abu Dhabi Motorsport Management (ADMM), for the new V10 R-League virtual racing competition, the first championship in a global racing series partnership between the two firms.
Under the agreements, the V10 R-League will be available on BT Sport, ESPN and STARZPLAY Arabia, while highlights will be broadcast across team and talent channels in a distribution plan covering both broadcast and digital formats.
BT Sport and STARZPLAY Arabia have signed multi-year commercial agreements for exclusive rights in the UK & Ireland and the Middle East and North Africa (MENA) regions respectively, while ESPN’s agreement means season one and two of the V10 R-League will be broadcast in the US and made available in Canada, Latin America, the Netherlands, the Caribbean and Oceania.
The distribution plans mean the V10 R-League will be one of the most widely syndicated esports competitions, with broadcast coverage reaching up to 75 countries.
While financial details of the contracts have not been disclosed, Gfinity said the deals will play a “key role” in supporting its targeted move to profitability in the first quarter of 2021.
The premiere of season one of the V10 R-League will air on BT Sport 2 on September 7, with all the racing to be made available for free the following morning after the highlights show on btsport.com and the BT Sport App. ESPN and STARZPLAY Arabia will also have access to the shows at the same time.
The eight teams competing in the inaugural V10 R-League include the BMW Motorsport SIM Racing Team, BWT Racing Point Esports, JAESA Team Suzuki, Porsche24 Redline, Red Bull Racing Esports, Team Fordzilla, Williams Esports, and YAS HEAT.
"With a clear vision, a great partner in ADMM and a lot of hard work, we now have a unique 'made for broadcast' racing format that did not exist three months ago, the V10 R-League. The competition has captured the imagination of three of the world's most forward-thinking broadcasters. They have invested in the concept, taking it to up to 75 countries around the world”, Gfinity chief executive John Clarke said in a statement.
“The revenues from each of these agreements, which we share equally with ADMM, will play a positive role in helping Gfinity reach its target of moving into profitability in [the first quarter of the 2021] calendar year and supporting the company's continued growth. We remain focused on driving innovative new ideas that are commercially attractive into the marketplace", he added.