Gfinity (AIM: GFIN) said this morning that it has inked distribution agreements with three of the world's leading broadcasters for its new virtual racing competition, the V10 R-League.
The V10 R-League is the first championship in the Global Racing Series partnership between Gfinity and Abu Dhabi Motorsport Management (‘ADMM’), the esports provider noted.
The Global Racing Series is a long term, multi-championship initiative designed to create competitions ‘through unique formats that are only possible in the virtual world.’
Gfinity entered into the five-year agreement with ADMM to design, develop and deliver an e-sports racing championship (ERC) back in June, to be jointly owned by the two groups.
Under the agreements, the V10 R-League will be available on BT Sport, ESPN and STARZPLAY Arabia while highlights will be broadcasted across team and talent channels in a unique distribution plan that spans both broadcast and digital channels.
BT Sport and STARZPLAY Arabia have signed a multi-year commercial agreement for exclusive rights in the UK and Ireland, and the MENA region, respectively.
ESPN's agreement will see Season's 1 and 2 of the V10 R-League broadcasted in the US and made available in Canada, Latin America, the Netherlands, the Caribbean and Oceania.
Shares in Gfinity have increased over 10x from lows of 0.30p in March 2020 to open 5.26p today.
The distribution plans will establish the V10 R-League as one of the most widely syndicated esports competitions, with broadcast coverage reaching up to 75 countries worldwide.
While financial details of the contracts remain undisclosed, Gfinity said the agreements will play ‘a key role’ in supporting its target of moving into profitability in the first quarter of 2021.
The premiere of Season 1 will be aired on BT Sport 2 on Monday 7 September at 7pm GMT, with the remaining six rounds aired every Monday at 7pm. All of the racing will be made available for free the following morning after the highlights show on btsport.com and the BT Sport App.
The eight teams competing in the inaugural V10 R-League are as followed: 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,” said John Clarke, CEO of Gfinity.
He added, “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 Q1 of 2021 calendar year and supporting the Company's continued growth.”
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