Feb.23 (GMM) It is “great” that Red Bull is raking in the millions as a result of Max Verstappen winning the 2021 world championship.
The energy drink owned team has signed two major sponsorship deals ahead of the 2022 season – with cloud computing company Oracle and Singapore-based cryptocurrency exchange Bybit.
Forbes claims the Bybit deal is worth $150 million over three years, while the Associated Press said the Oracle title sponsorship is costing the company half a billion US dollars over five years.
“It’s great that such huge companies are joining Formula 1,” said McLaren supremo Zak Brown.
“I can’t say if those dollar amounts are accurate, but it’s fantastic for the sport to bring in so much money.”
He says McLaren has also been busily scooping up new commercial deals, as Formula 1 has become a “very attractive place” for companies more recently.
Brown cited the success of the Netflix series Drive to Survive, the close 2021 title battle and the radical new regulations for 2022.
“We’ve been noticing the success of the sport for a while now,” he said.
“These are all huge companies, the biggest in the world. It’s great to work with organisations like that.
“All ten teams are financially very healthy or owned by people that can afford Formula 1 teams. Even if they’re not making money, they can afford them.
“I just think that if you look at all the data points, everything is super strong and only getting stronger,” said the American.