Winter in the world of Formula 1 is not just synonymous with car presentations, pre-season tests and forecasts on what will be the development of the upcoming championship. Especially in times of global economic difficulties and limits imposed by the budget cap, it becomes essential for the various teams to enter into important sponsorship agreements, which can guarantee liquidity and development for the work team. Who in this sense is moving quickly and extremely effectively is the Red Bull, eager to confirm its dominant position in the Circus, alongside Mercedes. After the agreement signed with the Oracle brand, the new title-sponsor of the team, the new entry alongside the Milton Keynes team is represented by the cryptocurrency exchange platform Bybit.
Cryptocurrency is a rapidly expanding market that is increasingly beaten by sports clubs of all kinds. Only in F1 did Aston Martin, Alpine, AlphaTauri, Mercedes and McLaren have agreements with companies of this type. Red Bull’s new partner is based in Singapore, was born in March 2018 and has grown exponentially over the past four years, boasting more than six million registered users worldwide. The details of the agreement have not been officially disclosed, but in the statement released by Red Bull there is talk of “Wide-ranging partnership” and a “Multi-year agreement, which represents the largest sponsorship per year ever signed in international sport by a cryptocurrency company”. In various sites across the Channel, a figure of about $ 50 million a year for three years.
If these figures turn out to be exact, it would mean that Red Bull would cover more than the entire budget cap each year with just two sponsorships: the 100 million from Oracle and these 50 million provided by Bybit. “They share the team’s passion for being at the forefront of technological innovation – commented Christian HornerRed Bull team principal – to establish a high level of competitiveness and break the status quo. Along with this is Bybit’s commitment to reviving the F1 fan experience through digital innovation. This is also a key mission for the team and Bybit’s assistance will help us build a deeper, more engaging and unique connection with the team for fans around the world.“.
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