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Red Bull Faces Sponsorship Blow as Key Sergio Perez Backers Consider Exit

Somin Bhattacharjee
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PEREZ Sergio (mex), Red Bull Racing RB20, portrait during the Formula 1 Gran Premio de la Ciudad de Mexico 2024, 20th round of the 2024 Formula One World Championship

Sergio Perez’s abysmal 2024 season has been one of the several backstories in Red Bull’s tumultuous campaign. Adding to the drama behind the scenes is that Telmex, one of Perez’s biggest financial backers, could now consider leaving the Milton-Keynes-based outfit over reports of an alleged betrayal.

Rivalries exist not just in F1 but even in the business world. Telmex is one of Mexico’s largest telecom companies. It is owned by Carlos Slim, a billionaire who has supported Perez’s career for years. But Red Bull recently teamed up with AT&T, an American company that Telmex considers a competitor.

“We are still talking to the team; it is not yet final,” Slim said to ESPN Mexico when asked if Red Bull’s move would jeopardize Telmex’s partnership with them.

Slim’s company joined Red Bull because of Perez, pouring millions into the team through sponsorship. While not officially stated, this backing has certainly been one of the reasons the Guadalajara-born driver has managed to hold onto his seat at Milton Keynes for so long, despite underperforming and scoring less than half the points of his teammate Max Verstappen in both 2023 and 2024.

But that doesn’t mean that Slim is leaving because of Perez’s shortcomings. If anything, he plans on remaining loyal to the 34-year-old.

Telmex to continue with Perez

Perez is P8 in the championship, 204 points behind the leader — Verstappen. He has not finished in the top five since May and has cost the Austrian squad plenty of points in its bid to retain the Constructors’ title.

While Red Bull did give Perez a two-year contract extension, his performances have barely improved. In fact, in Mexico City, ahead of his home Grand Prix, Perez crashed out of Q1, setting up the stage for yet another difficult outing.

These factors could lead to him getting sacked in the coming weeks and months, but Perez will still be tied with Telmex, who don’t have plans of parting ways with him. “We always want to continue with Checo,” Slim said.

“If we can’t get on with the team, we will continue with it [Perez] anyway. Wherever he drives, we will be with him,” the 84-year-old concluded.

Post Edited By:Aishwary Gaonkar

About the author

Somin Bhattacharjee

Somin Bhattacharjee

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Basketball Editor Somin Bhattacharjee first discovered the game during the 2014 FIBA World Cup. Not long after, he turned to the NBA and found himself drawn to the Golden State Warriors — right at the start of Stephen Curry’s rise. Over time, the admiration turned into full-blown support for the team, one that continues even as the Curry era approaches its twilight. A true hoophead, Somin also follows EuroLeague basketball closely and enjoys exploring the game beyond the NBA. Though holding a bachelor's degree in marketing, Somin discovered his true calling in writing. Since 2021, he has penned over 3,000 articles for TheSportsRush, covering everything from breaking news to sharp opinion pieces and detailed exclusives. He thrives on writing about in-game moments and the reactions that make basketball a uniquely emotional sport. Beyond basketball, Somin plays different sports including soccer and remains a passionate fan of Spanish football giants Real Madrid

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