Formula 1 bosses have taken a significant step in trying to increase the sport's fanbase in China, announcing a tie-up with Lagardere Sports, a marketing firm with specialist knowledge of the country.

The world most populous nation has been a hard market for F1 to break into despite having held a Grand Prix at the Shanghai International Circuit since 2004. In recent years initiatives have seen growth in attendance numbers for the race but, as a whole, the potential in China hasn't really been exploited.

So much so, in fact, that next year's race was put down as 'provisional' on the calendar released last month, though this new development may signal that the future has been secured. 

In another positive note, the potential of a first F1 team from the Asian giant appears closer than ever with a consortium believed to be targeting 2019 for entry onto the grid. A company under the name of China F1 Racing Team Ltd. was registered in the UK and a Twitter account with the username @ChinaF1Team has also been created.

Commenting on the new tie-up, commercial managing director Sean Bratches said: “We have a proud and longstanding relationship with motorsport in Asia, working with some great motor race circuit owners and successful race promoters from Singapore to Suzuka in Japan through to Malaysia and Shanghai in China. 

“Across the region, Formula 1 fans have proven themselves to be some of the sport's most passionate supporters with over 8.8 million people attending race weekends since 2004. 

“We are keen to build on this, developing our brand through unique live entertainment experiences designed to get fans closer to the action. 

“We're delighted to be working with Lagardère Sports, whose knowledge of the market in China will help establish long-term benefits for all our partners and brands that we work with.”