Breaking: Red Bull lose critical F1 sponsor as Christian Horner and co left with £119m ho…read more
Red Bull lose critical F1 sponsor as Christian Horner and co left with £119m ho…read more
Red Bull has lost a crucial sponsor after its partnership with the cryptocurrency exchange Bybit ended following a three-year contract, just ahead of the 2025 Formula 1 season. The deal, valued at £119 million ($150 million), was one of Red Bull Racing’s largest financial agreements and played a significant role in supporting the team’s operations.
This development is a blow for Red Bull, which had enjoyed a surge in sponsorship deals following Max Verstappen’s dramatic victory in the 2021 Formula 1 Drivers’ Championship. The Dutch driver’s triumph over Lewis Hamilton in a thrilling season raised Red Bull’s profile, attracting several prominent backers. Notably, one of the key deals secured was a £400 million ($500 million) sponsorship agreement with Oracle, the tech giant. Along with Bybit, these partnerships were essential for Red Bull’s success, both on and off the track.
When Bybit joined forces with Red Bull in 2022, the deal was seen as a natural fit, aligning with the team’s forward-thinking and innovative approach to Formula 1. Team principal Christian Horner welcomed Bybit into the Red Bull fold, emphasizing that both the team and the crypto exchange shared a commitment to pushing the boundaries of technological advancement. Horner also highlighted the importance of the partnership in enhancing the fan experience through digital innovation, especially as Formula 1 introduced a new generation of cars with groundbreaking designs in the 2022 season.
Despite the impressive impact of Red Bull’s partnership with Bybit, the cryptocurrency exchange’s exit leaves the team with a substantial financial void to fill. The loss of £119 million in sponsorship money comes at a time when the team continues to dominate the F1 grid, particularly with Verstappen’s ongoing success. Red Bull will now face the challenge of securing a replacement sponsor to maintain its competitive edge and financial stability as it prepares for the 2025 season and beyond.
While the departure of Bybit is a setback, Red Bull has a track record of attracting top-tier sponsors, meaning the team is likely to pursue new deals to fill the gap left by Bybit’s exit. The team’s ability to recover from this setback will be crucial in maintaining its momentum both on the track and in terms of business partnerships as Formula 1 enters its next era of technological and commercial growth.
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