General
Big sponsors and contract extension Verstappen: Red Bull are in shape
- GPblog.com
With the contract extension of Max Verstappen for Red Bull Racing, the team from Milton Keynes seems to be getting ready for some important years. Because not only with their driver do they have long-term security, but also financially they have attracted some major sponsors over the winter.
The biggest change at Red Bull in 2022, besides the new design of the car, was the addition of the main sponsor Oracle. That also included the name change, "Oracle Red Bull Racing. The new sponsorship deal is worth as much as $500 million over the next five years. That makes the deal the largest in Formula One history.
In addition, Bybit recently joined Red Bull in a $150 million deal. Crypto companies are appearing more and more often in Formula 1 as sponsors, but Red Bull can count themselves lucky to have the biggest crypto deal to date in the international sport. Red Bull's large deals demonstrate not only the growing popularity of the sport but also the increasing interest of companies in teams like Red Bull that are competing for the world title. Verstappen is enormously popular and therefore attractive in terms of marketing.
Very large sponsors in 2022
Both sponsors bring a lot of money into the house, but of course something has to come in return. For Red Bull, next season is going to be very important. With major sponsors, it remains to be seen whether they will be the biggest contender for the world title in 2022.
However, with such major sponsorship deals Red Bull is showing that it has big plans for the coming years. The team wants to remain seriously competitive in the world championship and will do everything possible to defend the title of Verstappen. In 2026 the new engine rules will be introduced, so extra money is certainly not a bad thing.
Biggest contract extension for Verstappen
To add to all the pressure, Red Bull also announced the biggest contract extension Formula 1 has ever seen on Thursday. Verstappen will stay with Red Bull for at least six more years. Until 2028, when Formula 1 will most likely look completely different again than it does now. Verstappen will be competing by then at the age of 31, a veteran of the sport.
It shows confidence at Red Bull that they are looking at the long term in Formula 1. It does mean that they will have to start fighting for the world title every year, because that is why Verstappen is with the Austrian team. Charles Leclerc and Lando Norris also showed confidence in their teams with longer deals, but Verstappen is taking it up a notch.
How strong is Red Bull?
It will not be up to the Dutchman himself, who with start number 1 is keen to make this season as successful as last year, perhaps even more so. In seven days' time, when the second week of testing is in full swing in Bahrain, Red Bull will know how much work there is to do. Then it's another two weeks before the lights go out in Bahrain for the 2022 season.
The new deal gives Red Bull the assurance that Verstappen will not be snatched up by a rival team. The Dutchman is still only 24 years old, which means he is without a doubt the most sought-after talent in F1 right now, as he has both youth and experience on his side, as well as proven abilities to win titles. When Lewis Hamilton leaves the sport, I'm sure Mercedes will be interested in a driver like Verstappen, but with three of the biggest deals in Formula One history, Red Bull has big plans for the single world champion.