Formula 1 | Cash is flowing at Red Bull F1 with major new sponsor
After Oracle, the team’s new title sponsor, Red Bull today announced the arrival of a notable new partner: cryptocurrency platform Bybit.
As can already be seen in the photos (above and below), Bybit will take pride of place at F1 in Milton Keynes.
The team did not reveal the amount of the agreement but it was estimated at 150 million dollars over three years. After the partnership of 500 million dollars over 5 years signed with Oracle, another major source of funding is coming to Red Bull, a team that is now almost self-funded and profitable thanks to capped budgets!
Theoretically indeed, with budgets capped at 140 million dollars, and the 100 million per year and the 50 of Bybit, Red Bull would be self-financed by only two sponsors… but of course there are other expenses outside the budget ceiling (salary drivers, top managers, marketing, Red Bull Powertrains, etc.).
According to Red Bull, Bybit will not only bring money: just as Oracle will help Red Bull’s software solutions and data analysis, Bybit will take place in the company’s incubator to promote the use of green technologies; and will engage in the promotion of sustainability and diversity, in particular by supporting women in their engineering studies.
Christian Horner reacted thus to the arrival of this new major partner…
“I am delighted to welcome Bybit to the team. It’s only fitting that as we enter a new generation of F1 in 2022, with a new ethos of advanced and potentially game-changing cars, Bybit is also at the forefront of technology. The company shares the team’s passion for being at the forefront of technological innovation, setting the pace of competition and disrupting the status quo. Additionally, Bybit is committed to enriching the F1 fan experience through digital innovation. This is also a core mission for the team and Bybit’s help will help us build a deeper, more immersive and unique connection with the team for fans around the world. »
Ben Zhou, co-founder and CEO of Bybit, said: “The unique energy and creativity of Oracle Red Bull Racing inspires us. The team has been a game changer in F1 the same way digital assets have changed the global financial system. As a young platform, we are bound to Oracle Red Bull Racing by our core values: age doesn’t matter, pecking order doesn’t matter and heritage is not what you is transmitted but what you do. Bybit has found its soul mate and the perfect harmony of speed, security and reliability is what our users are looking for on our platform. »
The world of cryptos continues to grow in F1: Crypto.com already sponsors sprint and Aston Martin F1 races; Alpine has also signed a deal with Binance; Mercedes is with FTX. And on a smaller scale Ferrari, McLaren, AlphaTauri also have partnerships related to cryptocurrencies. This is also in line with F1’s objective to rejuvenate its audience…
A next level partnership 💪 @Bybit_Official #RaceToTheNextLevel pic.twitter.com/Whab5ysdxW
—Oracle Red Bull Racing (@redbullracing) February 16, 2022