Ahead of the 2024 Miami GP, Ferrari announced the addition of a title sponsor – HP. The American IT company has now become the largest external sponsor in Formula 1 today, bringing them on par with Red Bull’s title sponsor Oracle.
Oracle reportedly pays Red Bull $100 million a year, a figure that has been matched by HP. In return, their branding is now highlighted on the SF-24’s livery, and on the overalls worn by drivers/team members.
| HP is now the joint-largest external sponsor in F1, transferring $100m/year to Ferrari for title sponsorship, as well as the latest equipment, including 3D printers.
Top 5 largest external sponsors:
1. HP (Ferrari), $100m
2. Oracle (Red Bull), $100m
3. Aramco (Aston… pic.twitter.com/XFpivHaPKH— Ferrari News (@FanaticsFerrari) May 12, 2024
For Ferrari, the cash injection is welcome, considering the timing of the start of this partnership. They head towards the 2026 regulation changes with seven-time world champion Lewis Hamilton arriving on a reported $400 million deal. Plus, since Adrian Newey announced his Red Bull exit, the Maranello-based outfit has reportedly been working on signing him too.
On the other hand, Red Bull and Oracle’s partnership began in 2022, and it came at a good time for the latter. Red Bull became the most dominant team in F1 and having their name next to the Austrian stable led by Max Verstappen turned out to be a good marketing decision.
HP will be hoping for something similar with Ferrari. The team will now be called Scuderia Ferrari HP and as per the American company’s press release, they will exchange technical resources with the Italian team in order to maximize their performance on the track.
Who ranks behind Ferrari and Red Bull’s sponsors?
Ferrari and Red Bull have the joint largest external sponsors’ in F1 today. But there are other teams behind them on the list, not too far. Aramco, for example, pay $75 million a year to Lawrence Stroll-owned Aston Martin, who have lofty ambitions for the future themselves.
Oil giants Petronas, meanwhile, pay Mercedes $70 million a year. The Malaysian company has been on the Silver Arrows’ corner for over a decade now. Together, they have won eight constructors’ World Championships.
In fifth place lies Sauber, a team that recently signed a deal with Stake. They pay the Hinwil-based outfit $50 million, but for them, everything changes in two years when Audi takes over completely.
For big companies around the world, investing in F1 is always about getting the best returns possible. With the sport growing in terms of popularity and commercial appeal, the amount of money offered by sponsors will also increase.
