Shortly after revealing their title sponsor from the 2022 season onwards, Red Bull has signed another whopping deal with Bybit.
Last week, Red Bull revealed their car and they also revealed their official title sponsor – Oracle. Now the Milton-Keynes based team has signed another whopping deal with the cryptocurrency exchange Bybit.
The team has agreed to a multi-year partnership deal worth $150mn over three years, according to sources. This is the largest annual crypto tie-up in international sport so far. Bybit is not the team’s “principal team partner”, a newly-created tier second only to “title partner.”
The deal with Oracle and Bybit add up to $110 million a year. This amount covers a huge amount of the team’s expenditure, especially with the $140mn budget cap for the 2022 season which is to further tighten to $135 mn from 2023 onwards.
Bybit will help the Red Bull F1 team to boost fan engagement by issuing ‘fan tokens’ and by distributing the team’s growing collection of digital assets.
Also Read: How much will Red Bull actually earn from their title-partnership with Oracle?
Horner says Red Bull and Bybit share the same passion
While the computer technology giant Oracle is assisting the Red bull team in running more strategy simulations, Bybit’s assistance will help the team build a deeper more immersive and unique connection with the fans around the world.
Team Principal Christian Horner, “I’m delighted to welcome Bybit to the Team. It’s fitting too that, as we enter a new generation of competition of F1 in 2022, with an advanced and potentially game-changing new philosophy of cars taking to the track, that Bybit also exists at the cutting edge of technology.”
“They share the team’s passion to exist at the forefront of technological innovation. To set the competitive pace and to disrupt the status quo. Allied to that is Bybit’s commitment to enlivening the fan experience in F1 through digital innovation.”
“This is also a key mission for the team and Bybit’s assistance will help us build a deeper more immersive and unique connection with the team for fans around the world.”
Also Read: Christian Horner claims this F1 change will not allow Red Bull to set new pitstop records
