Sporting99
Here is information about Formula 1 management or FOM including its objectives and role. Find out about the role of management in F1.

Management

Formula 1 Management Limited or FOM, is a fully owned subsidiary of Formula One Administration Limited. Acting as the agent and business manager of FOA, F1 Management Limited controls the worldwide distribution and management rights of the Formula 1 circuit.

Objectives
Objective behind the formation of FOM was to ensure that the race clubs remain financially secure. Another major motive was to break down the exclusive Euro-centric profile of car racing. Formula One Management Limited was granted the commercial and broadcasting rights for the Formula One circuit by FIA in 1994 for a period of 14 years. Some of the biggest names in Formula 1 including Team Mc Laren, Tyrell Formula One and Scuderia Ferrari came under the umbrella of FOM. Payment of annual fees to the teams under FOM is done by FOM.

Role
Formula One Management Limited played an important role in corporatization of Formula One races. It also played a role in making the races popular all over the world. It successfully managed the events and finance, thus fulfilling the role for which it was set up.