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It’s not often you hear an apology from an organisation as big as the F1. But Greg Maffei, the Chief Exec of F1’s owner has apologised to ‘all of Las Vegas residents’ saying that ‘we appreciate their forbearance and willingness to tolerate us. If you didn’t know, this weekend F1 is hitting the streets of Vegas. It is the first ever F1 to hit the actual Las Vegas strip and as you can imagine it has caused chaos for everyone living there. There have been reports that Formula 1 have also angered clubs and restaurants along the strip, demanding up to $1500 per head for licensing rights. These are businesses that sit along the strip, whose trade has already been affected by the works disrupting access and whose customers will struggle to reach the venues because the race is taking over the whole area. If you have ever been to Vegas you will know that restaurants and clubs there are BIG. Some of these venues hold over 1000 people. Paying this licence fee will cost them millions. Millions for a view of a street they already pay to be on. Public places along the way have already had their views obscured. Windows along the bridges across the strip have been frosted. When angry tourists and locals wanting to take photos ripped this off, barriers were placed in front of the re-frosted glass. This F1 has definitely come at a huge cost. Will it actually be worth it? Will businesses recoup their losses? Will the race even return? Famous circuits like Silverstone pay an estimated $26 million dollars for the honour of hosting a race. The way the Vegas track has been crafted many are expecting it to have the highest DNF on record. The pit exit opens out to a corner where the natural driving line will make it incredibly dangerous to exit the pit. Drivers will either lose further seconds or will be forced to take significant risks. I have no doubt the event in Vegas will be a spectacle, but is a spectacle good for the sport? #F1 #Vegas #entertainment

Guys, not very often I would make a post like this, but please pass around as you wish to stop some poor unsuspecting souls getting scammed for a good few thousand quid and upwards. As some of you may know, F1 is very much a passion of mine, so when I was forwarded a mail from a "hospitality" company offering British F1 paddock club tickets within the Red Bull suite, with full hospitality, free food and drinks, full garage tour, pit lane access and so on, it plainly sparked my interest. The email contained all the same marketing material from the Red Bull official hospitality F1 pages, the Red bull race logos and so on, so looked super convincing and official. Having been lucky enough to go to the F1 paddock club a few times now, I do however know the relevant costs associated and what you get for your money package wise, and this was like no package I had ever seen before, so investigated further. The premise of the offer was a cancelled table within the Redbull F1 paddock club suite, that was then being sold at a hugely discounted rate as either a whole or broken down to individual tickets, first come first served, each for the sum of just £1495 plus VAT, a huge reduction from the normal associated costs which may well be x5 this come race day next year if not more. Intrigued I asked for more info and was quickly sent a booking form / followed by a docusign, and a full explanation of the booking process and the package and then explained as soon as they had FIA approval for my booking, full payment would be required within 7 days. Alarm bells.....FIA approval.....as in the sports governing body.....approval for a Red Bull hospitality package.....Hmmm, all of this for so little money.....please tell me more. Low and behold, along with my invoice (requesting a bank transfer, no credit card option so no chargeback) was a wonderful approval letter from the FIA stating my booking was confirmed. The letter itself looks very official, and was signed off by none other than the sports communication manager of the FIA itself. Now at this point, I am sure plenty of less clued up people would have been pressing send on the transfer immediately to secure this bargain, but thankfully I am not one of them. A quick mail to a friends friend at F1 themselves confirmed this was a total but very convincing scam. Even contacted the name on the FIA letter via linkedin who confirms total scam! The company in question is Prive Global Events. They are registered as Prive Global Sports in Wolverhampton, to a run down residential house from a quick search on google earth. Turned over £4m last year according to companies house - single director. All images of the Prive team on the website are in fact stolen from an Australian marketing company. Even have a fake linked in profile too. Please share far and wide to try and stop any true F1 / sport fan losing a lot of cash! You have been warned!

This sort of thing happens all too often and gives our industry a bad name and isn’t just confined to F1 either.   You’ll be amazed how many times I’ve been contacted by customers to say they’ve been offered XYZ and wanting to know if we can match the price. We obviously can’t because the packages don’t exist.   I’ve even had sales calls from less astute corporate hospitality companies trying to sell me a table of 10 guests at certain events, telling me the price was £8,995 but due to a cancellation its now £5995. Sometimes these aren’t scams per se, quite often the packages do exist, so you aren’t going to lose your money, but you are going to be paying way over the odds.   The large discount is there to compel you to make a quick decision, often coupled with very limited availability (2 or 3 tables). You’ll be told that these tables will be sold in hours, so be quick or miss out. If this happens, run a mile.   A few key questions can usually flush out whether it’s genuine or not. It turned out that the above package is one we sell ourselves. It’s a fantastic package but the actual cost is just £4250!!   There are some instances where there are genuine cancellations. We have them from time to time, and they do have to be resold. So, what can you do to ensure its genuine and you’re not getting ripped off?   First of all, ask lots of questions about where the hospitality facility is located, and importantly, the name of it. Once you have the name of the facility a quick google search will give you everything you require. You could of course be given a fake name of a facility, in which case, if you can’t find it online, kindly decline the offer.   Secondly, don’t be pressured into making a quick decision in a couple of hours. If the event they are trying to sell you is 3-9 months away, ask them to hold a table for 24-48 hours for you. They’ve already told you that these will sell in hours, so it shouldn’t matter to them if they hold a table for you for a couple of days. If you don’t book it, they’ll sell it within hours after that anyway, right? This gives you time to research.   Thirdly, if you really can’t turn the offer down, ask them if you can pay via an ESCROW account. This is a financial agreement whereby a third-party act as an intermediary. Essentially, the company won’t get your money until you’ve got what you’ve booked. We had to do a few of these in the very early days of Pantheon Hospitality, as quite rightly, some people didn’t know who we were and could see we hadn’t been trading for that long. We were more than happy to oblige as we knew we were genuine. And lastly, its an oldy but a goody – If the offer sounds too good to be true, it probably is. Anyway, here endeth today’s lesson. If you ever want to find out if a corporate package is genuine, feel free to get in touch with me. I’ll usually be able to tell you instantly if it is or not.

The finalists for the 2024 #FNAwards have been announced! 🏆 Congratulations to all the people and companies that have made the shortlist! 👏 Be part of the #fleet industry's most prestigious and sought-after awards - secure your place now and check out the sponsorship opportunities available #fleetindustry #fleets #fleetmanagement #fleetoperations #fleetsolutions

I think this picture describe well the "gigantic American Formula 1 partnership leap" 2018-2023. The number of American partners in Formula 1 have more than doubled since 2017, when Liberty Media took over the ownership of Formula 1. Last year was a new record year in terms of American partners. So far 2024 we have had two major, American, partnership announcements. Luminar Technologies, the very much hyped AI-automotive tech company, announced a partnership with Mercedes. This week RedBull announced the partnership with VISA, a company that has not been involved as a partner in a major sport in 15 years!! What an achievement to bring VISA to Formula 1 💪 CashApp, not a new partner, is also American, so three new major partners from the USA already. Not all American partners continue in 2024. So far have close to 10 American partners left, but that is a low number. Last year the number of American companies fell to 98 before the season started. In the end of the season 15 new partners had joined. I would not be surprised if a new American partnership record is set also in 2024.

𝗙𝟭 𝗠𝗲𝗲𝘁𝘀 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 - 𝗦𝗶𝗹𝘃𝗲𝗿𝘀𝘁𝗼𝗻𝗲 𝗨𝗽𝗱𝗮𝘁𝗲: 𝗣𝗿𝗲𝗽𝗮𝗿𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝗘𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴 This weekend, I have the incredible privilege of attending the UK Grand Prix at Silverstone, thanks to the amazing hospitality of the Fédération Internationale de l'Automobile. Their warm welcome has truly made this experience unforgettable! Yesterday, I had the unique opportunity to join officials on their track-walk, an often overlooked yet crucial part of the race weekend. Contrary to popular belief, this is where the Grand Prix truly begins. The track-walk is not just the opening event; it’s arguably one of the most vital activities of the weekend. Ensuring health and safety in this high-speed sport is paramount. The thorough checks and evaluations conducted by officials can potentially save lives. While it may not be glamorous, this meticulous preparation sets the stage for a successful race. Finance operates on similar principles. Early-stage checks and diligent efforts are what make all the difference. Although we're not dealing with life or death, the consequences of small oversights can escalate into significant financial risks and losses. Just consider the impact on your P2P chain if the authorization matrix for PO approvals is outdated? Or the losses in your accounts receivable if automated invoices or dunning letters are incorrectly sent—or not sent at all? Imagine the disruption to your O2C chain from such errors! And let's not forget the ripple effects on your R2R output due to minor risk factors.🤯 It’s essential to have robust internal controls. These tasks may not be glamorous, and success often goes unnoticed. However, any failures will quickly spotlight who didn't perform their duties. So, ensure your internal controls are solid—because the unseen work today prevents the crises of tomorrow. If you're looking to identify and resolve potential risks in your processes, feel free to reach out. I’d be happy to help ensure your financial operations are as finely tuned as an F1 car on race day. 🏎 #F1 #Finance #GrandPrix #Silverstone #InternalControls #RiskManagement #BusinessStrategy #FinancialPlanning #ProcessImprovement #Efficiency #UKGP #Motorsport #BusinessSuccess

I am not quite sure what Andretti thinks the end-game is here, but it is not the approach I would have taken. After being rejected by FOM for entry into the sport in 2025 as an additional team, they were given the opportunity to re-apply after 2026 when Cadillac said they would be able to produce an engine for the car. This sounds reasonable to me, as the real benefit to the sport is the addition of GM as a power unit supplier. Basically, they are saying "prove to us that the GM/Cadillac is a real opportunity". Equipped with this information, Andretti had the choice of accepting this and working very closely with FOM, FIA, and GM to come up with a strategy that works for all parties to enter the sport, which could include the purchase of an existing team if the #1 objective was to get into the sport. However, I don't feel that is the key objective, as Andretti wants to enter the sport at the bargain rate of the $200 million "anti-dilution fee" of a new team, instead of paying the $1+ billion value of an existing team. Instead of working together on a solution, Andretti are choosing to use the US Congress to put pressure on FOM to force them to allow Andretti to enter the sport as the 11th team. This very short-sighted view is going to have long-term consequences as the FOM will not be willing to work collectively on a solution, but will now rather not have a group put pressure on their business model and force their way in. Think about what FOM can do to Andretti and their partners if they are allowed into the sport, there will be real animosity towards the team, and they will not be given the courtesy of competing equally. There will be real consequences as they don't call F1 the "Piranha Club" for nothing. If I was hired to do the consultancy on this issue, I would suggest backing off and going to FOM in a humble manner, ask for forgiveness, and work towards a mutual solution. This will be fun to watch! https://lnkd.in/eQsYDSjJ

Another insightful analysis by Joe Pompliano as he sheds light on the financial intricacies of the Monaco Grand Prix. The breakdown provides cool insights into the history and business aspects of the event. While a trip to the race may seem a bit outside my current budget, a guy can dream, right? #MonacoGrandPrix #BusinessAnalysis #sportsbusiness #formula1

Fans Sue Over Disrupted Las Vegas Formula One Practice Session: Formula One fans experienced disappointment at the Las Vegas Grand Prix when a sudden track closure forced them to leave before the second practice session. This led to a class-action lawsuit filed in Nevada state court by the Dimopoulos Law Firm and JK Legal & Consulting, targeting the event organizers, Las Vegas Grand Prix and its owner, Liberty Media. The lawsuit claims at least $30,000 in damages for the shortened event experience. The incident occurred on the opening night when Carlos Sainz Jr.’s Ferrari was damaged after running over a water valve cover, causing a significant delay in the second practice session and reducing the viewing time for spectators. While race officials offered a $200 discount at the official gift shop to single-night ticket holders, the majority of fans, possessing three-day passes, were left dissatisfied. F1 President Stefano Domenicali and Renee Wilm, CEO of the Las Vegas Grand Prix, cited safety and legal reasons for the closure but compared the incident to other events like concerts and games where cancellations are not uncommon. The lawsuit reflects the growing trend of event-goers seeking legal recourse for disruptions in major events. This case underlines the balance event organizers must maintain between ensuring safety and meeting ticket holders’ expectations, especially in high-profile sporting events like Formula One. #Litigation #Liability #RiskManagement #InsuranceIndustry #Claims

#tbt This video is a reminder, that you don’t need to be famous or the richest person in the world to go certain places, but you need to know the right people. This day I got invited by Williams team to watch the 2022 Austrian GP and it was amazing. #luxurytravel #f1 #formula1 #sales #network #businessadvice #travel