Gfinity signs multi-year agreement with Formula 1

RNS Number : 4594N

Gfinity PLC

20 May 2020

 

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

20 May 2020

Gfinity plc

("Gfinity" or the "Company")

Gfinity signs multi-year agreement with Formula 1 to deliver F1 Esports Series

Virtual Grand Prix extended to June of this year

Gfinity (AIM: GFIN), a world-leading esports and gaming solutions provider, announces that it has extended its relationship with F1 and been appointed to deliver the main elements of the F1 Esports Series in 2020 and 2021, and the 2022 qualifying events.  In addition, the previously announced F1 Esports Virtual Grand Prix Series has been extended to June of this year.

As part of the agreement for the F1 Esports Series, in 2020 Gfinity will deliver the Pro Draft Reveal Show and the Pro Series; in 2021 Gfinity will deliver the Challenger Series qualifying events, Pro Draft live show and Pro Series; and in 2022, Gfinity will deliver the qualifying events.  Full details of the 2020 season format will be announced in due course.   

Under the terms of the contract, Gfinity will deliver a dedicated account management team responsible for the delivery of all elements of the programme; a full league operations team responsible for writing all rules and governing the drivers participating in the tournament; and provide the use of 'Race Control', Gfinity's proprietary in-race adjudication system. The Gfinity Arena in London will also be the main venue for live broadcasts.

Gfinity has been working with Formula 1 and Codemasters (CDM.L), a leading UK publisher of racing games, to design, develop and deliver the main elements of the F1 Esports Series since 2017.

In addition, further to the announcement on 23 March 2020 that Gfinity had been selected to deliver the new F1 Esports Virtual Grand Prix Series, the Series has now been extended until June.  The Virtual Grand Prix Series will replace each live F1 Grand Prix that has been postponed due to the coronavirus.  Gfinity worked closely with Formula 1 on the conception of the series and oversees the delivery of the tournament, tournament operations and broadcast production.  The first race, the Virtual Bahrain Grand Prix took place on Sunday 22 March 2020. Since then there have been four additional Virtual Grand Prix in Vietnam, China, the Netherlands and Spain, and three F1 Esports Challenge Driver events.

John Clarke, Chief Executive Officer, Gfinity said: "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. 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."

Dr. Julian Tan - Head of Digital Business Initiatives and Esports, Formula 1® said: "We are delighted to extend our agreement with esports leaders Gfinity for another two years. Since 2017, we have seen the rapid growth of the F1 Esports Series and Gfinity have played a core part in that through their continued support in developing and delivering the series. We are excited to build on this foundation to bring further excitement to F1 Esports fans across the globe in the coming couple of years."  

ENDS

Enquiries:	www.gfinityplc.com
John Clarke, Chief Executive Officer	Via Teneo
Gfinity investor relations	[e-mail]
Allenby Capital Limited - AIM Nominated Adviser and Broker	Tel: [phone]
Jeremy Porter / Nicholas Chambers
Teneo - Media	Tel: [phone]
Camilla Cunningham	[e-mail]

About Gfinity

Gfinity (AIM: GFIN) is a world leading esports business. Created by gamers for the world's 2.2 billion gamers, Gfinity has a unique understanding of this fast-growing global community.  It uses this expertise both to provide advisory services and to design, develop and deliver unparalleled experiences and winning strategies for game publishers, sports rights holders, commercial partners and media companies.

Gfinity connects its partners with the esports community in authentic and innovative ways. This consists of on‑ and off-line competitions and industry‑leading content production. Relationships include EA SPORTS, Activision Blizzard, F1 Esports Series and the Forza Racing Championship.

Gfinity connects directly with competitive gaming consumers through its growing community of gamers on its own platforms: Gfinityesports and RealSport101.

All Gfinity services are underpinned by the Company's proprietary technology platform delivering a level playing field for all competitors and supporting scalable multi-format leagues, ladders and knockout competitions.

 

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