Red Bull is closing in on a new sponsorship deal to replace the significant agreement it had with crypto trading company Bybit.
Red Bull linked up with Bybit at the start of the 2022 season with a reported figure of $50 million per season being paid, making it one of the biggest sponsorship agreements in F1 history.
The Bybit logo was heavily visible on the Red Bull car and the driver race suits as part of the deal.
RacingNews365 reported earlier this month that the contract had come to an end after 2024 when the two parties could not reach a new consensus.
It has now been reported by SportsBusiness that Red Bull is nearing a new arrangement Gate.io, another crypto company.
It would not be Gate.io's first venture into sports as it is currently a prominent partner of Inter Milan, one of the biggest clubs in world football.
The report states that the deal would fill its cryptocurrency sponsorship category - however, the money involved in the rumoured contract is unknown.
Red Bull has already announced two new partners for the 2025 F1 season in brokerage platform Avatrade and video technology company Neat.
The team is also entering a new era on the track as it promotes Liam Lawson to drive alongside Max Verstappen. The New Zealander receives the front-running drive despite having just 11 grand prix starts to his name with the sister Racing Bulls outfit.
Verstappen enters the season looking to bag his fifth consecutive drivers' title, a feat that has only been achieved once before by Michael Schumacher.
Red Bull is seeking to return to the top of the pecking order having slipped to third in the constructors' standings last year.
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