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Formula 1

The five biggest sponsors of Formula 1 teams in 2024

Formula 1 is all about a lot of money and so many big sponsors are flocking to the World Championship. Formula 1 has always attracted big brands and there are some big sponsor names coming through in 2024 as well. RacingNews365 has listed the five biggest sponsors of F1 teams.

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Big brands like Ferrari, Mercedes and Red Bull invest a lot of money annually in their Formula 1 projects.

Because F1 has become profitable in recent years and the budget cap keeps costs under control, teams are able to be profitable. This is partly because many outside sponsors currently pay large sums of money to be allowed on the teams' cars.

In addition to the teams, F1 is also benefiting from its growing popularity. For example, Formula One Management recently signed multi-year contracts with sponsors such as Aramco, Crypto.com and LIQUI MOLY.

F1 team sponsors

Financially, then, F1 is doing well and this is reflected in the sponsors we see on the various cars.

We have listed the biggest external sponsors of F1 teams and estimated the amount of money they transfer to the team each year. Obviously, Red Bull Racing is of a different level both on and off the track than the rest of the field.

Note: all figures below are estimates, based on consultation with various sources within the F1 paddock and at different teams.

Top 5 external sponsors of F1 teams in 2024

Classification Sponsor name Team Amount +/- in $
1. Oracle Red Bull Racing 90 million
2. Aramco Aston Martin 75 million
3. Petronas Mercedes 70 million
4. Stake Stake F1 Team 50 million
5. Bybit Red Bull Racing 40 million

Oracle

Software company that has long been active in Formula 1. Currently, the American company is active as a sponsor of Red Bull, but it was also active in the 1990s. Then with the Benetton team for which Jos Verstappen raced. So Oracle was on Jos' car and now on Max's. In addition to transferring a mega sum to Red Bull Racing every year, they also cooperate with Red Bull Racing in the software field. Software has become increasingly important in Formula 1, which logically makes Oracle more than "just" a sponsor for Verstappen's team. For example, Oracle's software supports Red Bull Racing's tactical team while making calculations of pit stop strategies.

Aramco

The Saudi oil group from Saudi Arabia is almost impossible to imagine Formula 1 without. Indeed, the sponsor is active not only as a sponsor of Aston Martin, but also as a sponsor of Formula 1 as a whole. As a result, we see the sponsor not only on the cars of Lance Stroll and Fernando Alonso, but also on various circuits, as a sponsor of the race. This makes the oil group an important, if not the most important external sponsor in Formula 1. As of 2024, they are the only sponsor name in the Aston Martin team name. This makes the sponsorship amount toward the team even larger. Rumors are circulating that Aramco would also have shares in Lawrence Stroll's team, but those remain just rumors for now. Perhaps in the coming years, however, Aramco will take the step to take control of an F1 team, as they are working hard to develop the "greenest fuel" in the world. Formula 1 has ears for that, of course!

Petronas

The fuel supplier from Malaysia, which has also been competing in Formula 1 for many years. The company has a strong partnership with Mercedes, for which it also supplies the fuel. Together they pull together to provide the best fuel for Mercedes and Mercedes' customer teams. In addition to the intensive cooperation on fuel development, Petronas also provides Mercedes' F1 team with a large multi-million dollar sum. Indeed, at around $70 million a year, half of Mercedes' costcap amount is already in annually for Toto Wolff's team.

Stake

Australia-based Stake is making great strides in Formula One. Whereas at first they were still going through life as a major sponsor of the Alfa Romeo team, in 2024 they have stepped it up a notch. Indeed, from 2024 they will be Sauber's main and title sponsor. They will continue to be so in 2025, giving the Swiss-based Formula One team two seasons of around $50 million. It will not stop there, as the gambling company plans to launch a hefty activation campaign in Formula One as well. Something that also shows the other F1 teams that Formula 1 is still "booming," as the Stake F1 Team did not deliver great performances in 2023. Nevertheless, in the marketing department, the team managed to show a major sponsor that F1 can be very effective in terms of marketing.

Bybit

Ook op de vijfde plaats zien we een externe sponsor van Red Bull Racing terug. Daarmee slaagt het succesvolle team er dus in om twee grote bedragen binnen te halen vanuit externe sponsoren. Knap werk van het team, dat met Red Bull als eigenaar de boekhouding al voor elkaar heeft. Bybit is een cryptocurrency die al vanaf 2022 is verbonden aan Red Bull Racing en heeft nog een contract lopen met het Britse team tot en met het einde van 2024. Bybit is een van de grootste cyrptohandel platformen met een sterke naam en de kans is dan ook groot dat men ook in 2025 nog sponsor zal zijn van Red Bull Racing. Samen met het team, sponsor Oracle van het team en Bybit ontwikkelde men medio 2023 namelijk nog een digitale collectie voor de fans, genaamd Velocity Series.

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