The upcoming Miami Grand Prix is gearing up for a four-way showdown but not for a race win. Rather, Mastercard will be keeping a close eye on as many as three teams, which will be looking to impress the payment service giants for a sponsorship deal. Heading closer to the weekend, insider reports suggest the McLaren F1 team is the front-runner to secure a mega-money deal with the $42.4 billion-worth company.
Should the deal go through, McLaren could be renamed as McLaren Mercedes Mastercard, given it will be a title deal. Sports Business understands that apart from McLaren, teams like Aston Martin, Mercedes, and Ferrari have also held discussions with the company. However, with Ferrari opting to partner up with HP instead, the Woking-based team has become the favorite to secure the deal.
⚠️ | McLaren is aiming to follow Ferrari into the title sponsorship market as it leads a pack of teams looking to secure MasterCard as a major sponsor.
SportBusiness reports McLaren is one of four teams in talks with the payment services giant.#F1 pic.twitter.com/hQnTbwzP27
— Fastest Pitstop (@FastestPitStop) April 24, 2024
In a sport that is constantly evolving, sponsorships become a crucial element. Despite the cost cap regulations limiting a team’s expenditure, costs run extremely high in running a successful F1 team. The addition of a big-money sponsor allows for better and smoother functioning of a team, particularly in elements that pertain to the off-track activities of a team.
Additionally, these sponsorship deals allow for more visibility of the brand. Teams highlight their sponsors’ names on the most visible parts of the car, and even on drivers’ helmets.
View this post on Instagram
Certain claims suggest Ferrari wanted Mastercard to pay them a sum of $100 million a year, leading to talks breaking down. Having not had a title sponsor in the last two years, Ferrari saw the amount fit. However, Mastercard had other ideas. Notably, this won’t be Mastercard’s first big-money venture in the world of sports, given they have a strong foothold in various other sports, including experience in F1.
McLaren would hope to fare better than Mastercard’s previous partners
Ahead of the potential deal between McLaren and Mastercard, the Woking-based team would want to have better luck than their previous customers. Between 1997 and 2001, Mastercard acted as the title sponsor for the Jordan Grand Prix team. Debuting on the grid in 1991, the Jordan team entered 250 Grands Prix but managed to win only four of them alongside 15 further podiums.
After four years of underwhelming performances, Mastercard called its time in F1. They thought the association with Jordan was potentially very harmful to their image. Hence, they needed to opt for evasive maneuvers.
Aside from F1, Mastercard also has a presence in some of the biggest sporting events in the world. These include the UEFA Champions League (Soccer), the Australian Open (Tennis), Major League Baseball (MLB), the Rugby World Cup and Golf’s PGA Tour. It also has an esports presence with League of Legends.
A Mastercard representative recently spoke about the upcoming deal. They explained the company is looking at how opportunities can add to the value they deliver to their customers. However, they added, there was “nothing new to share at this time.”
