For a long time, Formula 1 fans became used to seeing the Emirates advertising boards all around the circuit. They became one of the main sponsors of the sport and advertised it heavily all over the world. This year onwards, fans began to notice that the Emirates signs were not visible anymore and instead, we saw Qatar Airways boards.
This is because Emirates has pulled off from sponsoring F1 after failing to agree to a new deal. As they have in multiple sports around the world now, Qatar swooped in with a lucrative offer which F1 decided to go ahead with. Hence, as reported by Business F1, they are now one of the main sponsors of Formula 1.
Along with Aramco, Crypto.com, DHL, Heineken, MSC Cruises, Pirelli, Rolex, and Salesforce, Qatar Airways is now a global sponsor of Formula 1. However, the deal they made with F1 makes this one of the biggest sponsorship deals in the sport’s history.
Qatar Airways cracks $300 million deal with Formula 1
Emirates was a part of F1 since 2013, in a deal that involved former F1 supremo Bernie Ecclestone. This deal was set to expire at the end of the 2022 season, and even though Emirates tried its best to come to a solution, they couldn’t extend it.
Brandon Snow, who is the head of the Formula 1 group, asked Emirates to double the fee. Earlier it was a $25 million-a-season contract, with $5 million in bonuses. Doubling the deal would have been a huge problem for the company financially and the counter-offer they presented to Snow, was rejected.
In the end, it was Qatar Airways that replaced its competitor as a global sponsor of the most popular form of motorsport in the world. Qatar’s deal with F1 is similar to that of Emirates, and it will see them remain as a global partner until the 2027 season. The total value of this deal is reported to be $300 million (as per Business F1).
Qatar Airways to get Title sponsorship for three races
One of the advantages for Qatar Airways in signing this bumper deal is the fact that they will be the title sponsor for three F1 races. The Emilia-Romagna Grand Prix (Imola), Hungarian Grand Prix and Qatar GP, will all have Qatar Airways in the official title.
This is a huge marketing boost for the company, and a big win for them over Emirates, which is their principal competitor in terms of services.
