Gfinity (AIM: GFIN) and Abu Dhabi Motorsport Management (ADMM) have today launched a new digital motorsport competition, the V10 R-League, as part of the Global Racing Series.
The esports solutions provider said V10 R-League is the first stage of activation of a five-year agreement between ADMM and Gfinity which was announced on 4 June 2020.
The V10 R-League, the first league under the Global Racing Series, will involve eight teams competing against each other in a round robin-head-to-head format. Two seasons will run per year and see the teams competing £100,000 prize pot per season, the group said.
The first of the eight teams to be announced include Ford (Fordzilla), JAESA Team Suzuki, Williams Esports and BWT Racing Points Esports Team. The professional sim drivers will race virtually on a full racing rig, controlled live from Gfinity's TV studio in Fulham, London.
Shares in Gfinity have continued to rise from 0.30p in April 2020 to 2.7p to Open up 1.8% in early trading.
All content will be available across the Gfinity Digital Media Network and all team channels, as well as through regional and global distribution partners Season 1 will air 'as live' at the end of August and throughout September 2020 while Season 2 will air in Q1 2021.
The Global Racing Series is designed to provide commercial opportunities with brands, broadcasters and teams, and Gfinity said the game will offer significant scope for in-game advertising, adding to the existing commercial opportunities within the competition.
ADMM and Gfinity are currently in talks with leading broadcasters and brands for multi-year deals to support the V10 R-League and expect to announce them in the coming weeks.
"There has been a massive spike in interest in virtual motorsport, a key pillar of our Company strategy. We are excited to launch the V10 R-League, which has already attracted some of the biggest names in racing,” said Chief Executive of Gfinity, John Clarke.
He added, “The format has captured the imagination of teams, drivers, broadcasters and brands. The Global Racing Series and V10 R-League contribute positively towards Gfinity's stated goal of being profitable in Q1 2021."
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