After days of teasing, AlphaTauri has finally revealed its rebranded name. It is exactly what the fans feared. The side will now be called the Visa Cash App RB Formula One Team. While the team hasn’t cleared what the RB stands for, the fans have already started calling it Racing Bulls. But what is Visa Cash App, the title sponsor of Red Bull’s sister team?
Visa is a California-based popular multinational payment card service conglomerate. Cash App, on the other hand, is an online payment platform that is available in the US and the UK.
Cash App is the subsidiary of Block Inc., formerly known as Square Inc. The two multi-billion dollar giants have joined forces to be the title sponsors for the ‘Racing Bulls’ team. However, things were not so friendly between the duo until last year. As per Forbes, Block Inc. sued Visa and Mastercard (another payment card service) for charging inflated fees.
They also alleged the duo used their dominant position in the market to stave off competition. A part of the plaint of the lawsuit read, “As the number of interchange categories has increased dramatically, Visa and Mastercard have captured ever-greater margins through increased opacity and complexity.”
BREAKING: AlphaTauri have announced their new name:
“Visa Cash App RB Formula 1 Team”#F1 pic.twitter.com/Bm6a1hncKK
— Fastest Pitstop (@FastestPitStop) January 24, 2024
The rivals in the court, however, have put their difference aside for the F1 project. That project is to bring Racing Bulls out of the slump they currently find themselves in.
The overhaul Visa Cash App RB is counting on to end their slump
The rebranding and the partnership with Visa and Cash App are not the only changes Racing Bulls is counting on to progress further up the field. The team has made some significant personnel changes, coupled with a relocation of their headquarters.
Among the personnel changes is the departure of team principal Franz Tost. The 68-year-old is replaced by former Ferrari Racing Director, Laurent Mekies. Racing Bulls poached another Ferrari key figure, Marco Matassa, the man known for nurturing young talent at the Italian outfit’s prestigious Driver Academy.
: Laurent Mekies sets ambitious goals for AlphaTauri including relocation of the full aerodynamics team to Milton Keynes by the end of 2024. The team plans to strengthen ties with the main Red Bull team and make high-profile acquisitions, including former Alpine sporting… pic.twitter.com/8AhQPNoH7w
— F1 Naija (@f1_naija) January 18, 2024
The team is also moving its base from Faenza in Italy to Milton Keynes in the UK. The Milton Keynes facility famously houses Red Bull’s factory. This move has irked rivals who believe the proximity could lead to collaboration disallowed by the FIA between the two sister teams.
Racing Bulls CEO Peter Bayer, on the other hand, dubbed the move to be a necessity. He cited the limited availability of space at the Faenza premises and the inability to hire British engineering talent in Italy to be among the crucial reasons for the shift.
