Red Bull Racing’s sister team will be renamed Visa Cash App RB for the 2024 Formula 1 season, following a sponsorship deal with the financial companies, which will provide the necessary funding for the team to improve its performance and attract more expensive drivers and staff.
‣ Formula 1 is an expensive business, with only the largest companies in the world being able to afford to sponsor an F1 team. Red Bull Racing’s main backer, Oracle, pays $100 million annually for five years.
‣ Big sponsorship money rules the way in Formula 1, with companies like Petronas and Stake paying millions per season to sponsor teams.
‣ Red Bull was looking for external backers to pump necessary dollars into the team, which they found in Visa and Cash App.
‣ With the tens of millions paid by both financial companies in the coming years, Red Bull Racing’s sister team will be able to keep going. More funding means more opportunities, including attracting more expensive drivers and top staff.
Well, let’s talk about Visa Cash App RB. Not exactly a name that rolls off the tongue, right? Even the Italian team behind it would probably agree. But hey, let’s not be too quick to judge from the sidelines. There’s more to this than meets the eye.
Formula 1 ain’t cheap. It’s a playground for the big boys, the mega corporations. Take Oracle, for instance. They’re the main sponsor for Red Bull Racing. And boy, do they pay a pretty penny. We’re talking $100 million a year for five years. Just to be associated with Max Verstappen‘s team.
Money Makes the F1 World Go Round
And Oracle isn’t alone. Petronas has been backing Mercedes for years, shelling out $75 million per season. Stake, the new kid on the block, is paying Sauber F1 a cool $50 million annually. Even the little guys, like Haas F1, get a piece of the pie. They’re pulling in $20 million a year from Moneygram. And the former Toro Rosso, now AlphaTauri? They’re reportedly coughing up a “measly” $15 million from their own pockets. After all, AlphaTauri is Red Bull’s clothing brand.
Red Bull was getting kinda fed up. After the passing of Dietrich Mateschitz, they were left holding the bag for AlphaTauri. And let’s be real, the team’s performance was, well, lackluster. For a while, Red Bull had been on the hunt for some external backers. And they found ’em. Enter Visa and Cash App. Not the most glamorous names, but hey, beggars can’t be choosers.
Money Buys Speed
With the influx of cash from these financial giants, Red Bull Racing’s sister team can keep the lights on. More money, more opportunities. Sure, there’s a budget cap in Formula 1. But it’s no secret that the smaller teams, like Verstappen and Sebastian Vettel’s former team, don’t always hit that cap.
Plus, driver salaries and the paychecks of the top three staff members aren’t included in the cap. With the Visa and Cash App money, they might be able to attract pricier – and often better – drivers. And snag some top-tier staff. That’s the only way Visa Cash App RB can really step up their game in Formula 1.
So, before you knock Visa Cash App RB, try putting yourself in their shoes. The Italian team didn’t really have a choice. It was either partner up with the new namesakes or continue to be a faceless entity in Formula 1.