Visa is set to make a move into the world of Formula One this year, announcing a sponsorship deal with Red Bull Racing in what is the financial services company’s first new global sports sponsorship agreement in 15 years. The affiliation will see Visa replace Scuderia AlphaTauri as the second team’s title sponsor, rebranding the team as Visa Cash App RB F1 Team for the upcoming season.
The move marks the second rebranding in Formula One ahead of the 2023 season, following Alfa Romeo’s transformation into Stake F1 Team Kick Sauber. The deal between Visa and Red Bull extends for three years, offering a unique opportunity for amplified global exposure for Visa and its subsidiary, Cash App, in the United States.
While the new team name is undoubtedly a “mouthful,” said Andrea Fairchild, Visa’s Senior Vice President of Global Sponsorship Strategy, the company eagerly anticipates fan-generated references for the formal name. She also added that the introduction of the new team name allows Visa to effectively highlight its partnership with Cash App and showcase one of its key clients.
The Visa logo will prominently feature on all of Red Bull’s F1 properties, including vehicles piloted by Max Verstappen and Sergio Perez, as well as the Visa Cash App RB entry in the F1 Academy. The sponsorship represents a crucial move for Visa, following in the footsteps of other American corporate giants forging partnerships with Red Bull in recent years, such as Oracle and Hard Rock International.
Visa’s expansion into Formula One underscores the series’ growing appeal in the United States, a market which has seen increased interest from U.S.-based companies, including MoneyGram, American Express, and Meta via its WhatsApp brand. For Visa, Formula One provides a global platform to engage fans and drive business for clients, leveraging the sport’s increasing worldwide popularity.
Catherine Ferdon, Head of Brand at Cash App, emphasized the strategic value of the sponsorship, affirming the company’s commitment to deepening its relationship with Formula One fans, supporting emerging talent, and cultivating the vibrant culture of F1 fandom in the United States. The move underscores Visa’s alignment with F1’s dedication to women’s empowerment and economic advancement, particularly evident through the new team’s participation in the all-female F1 Academy series.
Overall, the partnership between Visa and Red Bull signifies the convergence of two global entities, marking a new chapter in the development of F1’s international appeal, and presenting exciting opportunities for the advancement of the sport. For more automotive news, please visit AP auto racing: https://apnews.com/hub/auto-racing.
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