P1racenews AI automatic summary:
Red Bull is reportedly close to securing a new major F1 sponsorship deal with a partner of Italian football giants Inter Milan, according to reports.
According to SportsBusiness, the Austrian team is set to announce a partnership with Gate.io, a cryptocurrency firm that sponsors the Serie A club’s shirt sleeve. This move follows the team’s recent split with Singaporean crypto company Bybit, which had been a partner since the beginning of the 2022 season. Red Bull lost a significant sponsorship deal with Bybit, which reportedly amounted to $50 million annually and featured the logo on the car’s rear wing. To make up for the loss, Red Bull has signed five new sponsors, including Avatrade, Neat, EA Sports, and others. The team is expected to reveal more new partners before the launch event at the London O2 on February 18. Following a disappointing third-place finish in the Constructors’ Championship last year, Red Bull and driver Max Verstappen will be aiming for a stronger performance in 2025.
