Visa Europe set to extend Formula E backing

Visa Europe is on the brink of renewing its sponsorship deal with Formula E, following the completion of the fully-electric motor racing series’ inaugural season a fortnight ago.

The European arm of the payment services provider served as the official payment services partner for Formula E’s 2014-15 events in Monaco and Berlin, as well as both season-ending London races.

“We will most definitely be sponsoring Formula E next season,” Gary Twelvetree, Visa Europe’s executive director of brand and central marketing, told SportBusiness International. “We loved the new platform, despite it being a bit of a test and we are excited about where it will go.”

Twelvetree confirmed that the firm is “a long way into the contractual stages” despite Monaco being taken off the Formula E calendar next season due to a clash with the principality’s hosting of the Historic Grand Prix, which is held every other year.

However, this European market loss is likely to be substituted with Paris, with the French capital pencilled in to take an April 24, 2016 slot on the season two calendar submitted to the International Automobile Federation (FIA) by Formula E.

“We are very comfortable with the discussions we are currently having with Formula E and the plans for the next few seasons,” Twelvetree added. “France is a very big market for us so it would be great if the calendar did include Paris next year, as well as a major Italian city too.”

The upcoming August edition of SportBusiness International magazine will feature a full season review and an analysis of Formula E’s future prospects.