Red Bull Racing is fast becoming the first Formula 1 team to rely entirely on sponsorship money. The Austrian team has now collected 34 sponsors and commercial director Nick Stocker claims that this means the team is almost there already.
Jaguar's team was disbanded at the end of 2004. Parent company Ford saw that the team was struggling to bring in good results and due to budget cuts, the Formula 1 team had to be scrapped. Red Bull bought out the racing team and from 2005 the team has been unmissable on the grid. The energy drink manufacturer is the team's biggest backer, but in recent years there have been a host of brands that have linked up with the Austrian team. It ensures that in not too long, Red Bull Racing will be able to live entirely off sponsorship income, Stocker argues in conversation with Sports Business Journal.
Growth
Meanwhile, Red Bull has managed to connect 34 sponsors to the team. Stocker points to increased interest in the team as the reason. A few years ago, the team could enjoy 15 licensing partners, but even that is now around 40. It does make for a lot of brand stickers on the car, but it also brings in the necessary revenue.
Living off sponsorship money
From the 2022 season, Oracle's name will show off on Red Bull's car; the company will also be a title sponsor. The party has reportedly struck a deal, paying $100 million a year for the next five years. Stocker therefore considers that deal to be the best commercial achievement in the team's history, revealing that in doing so, the team has also broken its own records. Christian Horner 's goal is said to be to become the first team to be able to live entirely on sponsorship income and, according to Stocker, "they are almost there".