F1 RACING AUGUST 2019 31PRO
RACINGEssential guideto the business of F1
STRAIGHT
TALK
With Sir Jackie Stewartrecently turning 80
it is worth reflecting on the business career of a
driver who has never stopped working and earning
in Formula 1, 46 years after hanging up his helmet.
While three worldtitles, 27 race victories and
16 other podiums from 99 starts are one measure
of success, his 40-year ambassadorships with
Ford Motor Company andthe M oet & Chandon
champagne house have always shown him to have
an appeal far beyond the cockpit. In his 2007
autobiography,Winning Is Not Enough, Stewart
wrote about how a truly motivated driver can ‘add
value’ to commercial sponsorships.
On the back of creating Stewart Grand Prix,
later sold to Ford, he nurtured deals with
companies including banking group HSBC.
He then introducedthe Royal Bank of Scotland
to Williams, has been a central figure in Rolex’s
deal with F1 since 2013 and helped attract
Heineken to the sport.
His Rolex brand ambassadorship has lasted
for half a century, having first been introduced
THE BUSINESS OF
LONGEVITY IN F1
IS HARD WORK
to him in 1968 by Mark McCormack, the legendary founder of the
IMG sports managementgroup.McCormack lined up ‘JYS’ at Rolex
alongside golfer Arnold Palmer and downhill skier Jean-Claude
Killy. Sporting royalty, in other words.
Very few drivers have followed Stewart in sustaining a successful
Formula 1-based career. Such incomes can be measured in the
millions annually, whether for major brand ambassadorships or
$150,000 one-hour appearances.
It’s a complex formulae, admittedly.
First you need to have enjoyed a successful career, by which
I mean winning multiple races if not world championships. All
Formula 1 drivers are well known in their home countries, but to
unlock real earning power a driver needsto be globally famous.
Secondly you need to have the inherent desire and hunger to work
beyond racing. Some, such asMark Webb er and Fernando Alonso,
have developed strong sponsor and business interests. Others seem
happy todo a spot of racing or light TV work.
Then there is David Coulthard. A decade after ending his F1
racing career he enjoys half a dozen brand
ambassadorships, undertakes promotional
drives for Red Bull, commentates for
Channel 4,and owns one of the UK’s fastest
growing TV production companies.
He recalls when, aged 14 and racing karts,
his father sat him down to talk through a
career plan. Even then it included moving
to Monaco and emulating James Hunt
by evolving into TV commentary. He also
remembers being mentored by Stewart on
topics ranging from personal presentation
to building business relationships.
Much depends on the individual driver.
Damon Hill relates that when he retired
from F1 he felt jaded and disillusioned to
the point of not even wanting to watcha
race on TV. He also spent five years trying
to unwind some of the onerous dealshis
business manager had put in place. Nota
happy time, yet Damon was so marketable.
Willi Weber, former manager of Damon’s
arch-rival Michael Schumacher, told me
that Michaelearned around US$30 million
in the first year of retirement post-Ferrari.
Like Stewart, he understood his value to
sponsors. The offers flooded in.
Stewart’s latest project, Race Against
Dementia – launched in thewake of wife
Helen being afflicted by this devastating
disease – is in itself an indication of the
power inherent in the Stewart name and
legacy. He last raced in 1973, yet is still
making a difference and adding value. How
many will be doing that in 2065?The association between
JackieStewart and Rolex,
which started back in 1968,
is still going strong PICTURE:SHUTTERSTOCK;ILLUSTRATION:BENJAMINWACHENJEMARK
GALLAGHER
@_markgallagher
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