Red Bull Racing part ways with ‘$50m a year’ sponsor
Red Bull Racing’s partnership with cryptocurrency exchange Bybit has come to an end following the conclusion of the 2024 season, according to multiple reports.
The Formula 1 outfit initially struck a three-year agreement with the Dubai-headquartered company in 2022, which was reportedly worth $150m (£121m) over its duration, or $50m (£40.3m) per year.
However, despite reported discussions between the UK-based F1 outfit and crypto firm in extending their partnership, the deal expired after the 2024 campaign.
Bybit was believed to be the second most lucrative sponsor for Red Bull, behind only the team’s title sponsor Oracle, who are reportedly paying around $100m (£80.6m) annually in a five-year deal that was signed in 2022.
Red Bull’s Max Verstappen, who recently celebrated a fourth successive World Drivers’ Championship, will begin the defence of his title when the championship returns to action at the Australian Grand Prix on 16th March.
In the buildup to the next campaign, Red Bull recently signed multi-year partnerships with trading platform AvaTrade and video technology company Neat.
Stay up to date with the world of sports business by subscribing to the Sport Industry Daily.
