P1racenews AI automatic summary:
The sponsorship deal between Ferrari and tech giants HP has seen its value match that of Formula 1 rivals Red Bull’s with Oracle, according to reports.
The California-based computer firm signed a long-term deal with the Scuderia ahead of the Miami Grand Prix last April, becoming a title sponsor with its blue logo adorning the famous red cars. In a report by RacingNews365, the deal is now, in terms of sponsorship money, already matching that of Red Bull’s profit from software company Oracle, a partnership which began in 2022. The money received by both teams from their respective sponsors is understood to reach $100 million, making it the joint-highest sponsorship deal of any F1 team currently on the grid for the year 2024. Petroleum company Aramco came in at third with $75 million it provides to Aston Martin, with fellow oil giants Petronas close behind in fourth, giving Mercedes a whopping $70 million. Sauber’s title sponsor puts them in fifth place, with online casino firm Stake giving them $50 million. HP, formerly known as Hewlett-Packard, has a history of being an F1 sponsor, with partnerships dating back to 1999 with various teams. The partnership with Ferrari extends into a technological context, with HP providing a breadth of its products to the team, integrating “high-performance products and services”.
