P1racenews AI automatic summary:
At the beginning of the current F1 season, we listed the top five sponsors of Formula 1 teams. After the announcement of the HP-Ferrari title sponsorship deal, however, there has been a change on that list.
Oracle was the largest outside sponsor of a Formula One team at the beginning of the current F1 season, having a long-standing association with Red Bull Racing. The company not only transfers a substantial amount of money but also plays a significant role in the software field within Max Verstappen’s team. However, Oracle now shares the top spot in sponsorship with HP due to Ferrari securing a $100 million annual deal with HP, providing cutting-edge equipment to the Scuderia. Red Bull Racing will lose a sponsor as HP joins the top five external sponsors list, pushing Bybit, who remits $40 million annually, out of the spotlight in Formula One. Despite the competition, RacingNews365 suggests that Oracle remains the largest external sponsor of an F1 team. Oracle’s involvement with Red Bull Racing goes back to the 1990s when they worked with the Benetton team that Jos Verstappen drove for, showcasing their longstanding relationship with the Verstappen family. The American tech giant’s contributions to Red Bull Racing go beyond financial support, as their software assistance plays a crucial role in strategic decision-making processes, such as pit stop strategies. On the other hand, HP’s massive partnership with Ferrari, including a significant yearly investment and state-of-the-art hardware development, solidifies its position as a major player in Formula One sponsorship.
