Red Bull - who owns AlphaTauri - has expressed no interest in an outright sale of its junior Formula 1 team, which was formerly Minardi and Toro Rosso, with RacingNews365 and Formula.Hu understanding that an offer of around $1 billion to sell has been rejected.
Instead, Red Bull has been trying to source a new headline sponsor for the team, currently named for the clothing brand Red Bull set up in 2016.
Multiple sources have confirmed to RacingNews365 and Formula.Hu that Hugo Boss is now in negotiations to become the title sponsor of the AlphaTauri team.
Red Bull Motorsport Advisor Helmut Marko revealed earlier this year to RacingNews365 that a name change would be in the offering for 2024 for the second Red Bull team.
Major changes are happening at the Faenza-based squad with long-time Team Principal Franz Tost standing down.
He is to be replaced by former Ferrari Sporting Director Laurent Mekies with ex-FIA Secretary-General Peter Bayer also taking up a new role.
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Grieder's plans and Aston Martin
The attention of Hugo Boss in an F1 programme has been driven by CEO Daniel Grieder, who assumed control in June 2021 having spent six years in a similar role at Tommy Hilfiger, working closely with Mercedes driver and seven-time World Champion Lewis Hamilton.
This collaboration allowed Hilfiger to reconnect with a younger and more diverse fanbase, with Grieder admitting he would not follow the same path when assuming control of Hugo Boss.
Instead, the American-born businessman believes that the sports market is key to continuing to grow the Hugo Boss brand, also allowing it to cater to both the male and female markets, with there being a sharp increase in the number of women watching Grand Prix racing, fuelled by the Netflix show Drive to Survive.
Upon starting at Hugo Boss, Grieder wanted to boost sales to around $4 billion per year by 2025, but better-than-expected sales performance has led to a readjustment of $5 billion per year in the same timeframe, with an increased and heightened presence in the sports world after long-term deals with the McLaren and Mercedes teams.
Grieder has expressed his desire to add more clothing brands to expand the sizeable Hugo Boss umbrella, with the still-young and emerging AlphaTauri brand ideal to be added to the portfolio, according to sources of RacingNews365 and Formula.Hu.
Should the acquisition be completed, it is still unclear as to what name the team would bare from the 2024 season.
Hugo Boss currently has multiple marketing strategies in place, with the 'Hugo ' or 'Boss' names possible, or indeed a brand name such as 'Boss Orange'.
In 2023, Hugo Boss is currently a partner of Aston Martin, with a spokesperson explaining that "Our BOSS brand is, and will continue to be the official fashion partner of Aston Martin," when approached by Formula.Hu for comment.
Further questions about the potential acquisition of AlphaTauri or a sponsorship of the AlphaTauri F1 team would not be answered.
Orlen still in the running
While Hugo Boss is the front-runner, it is understood that current sponsor Orlen is also interested in becoming the main and title sponsor of AlphaTauri.
The oil company, partly owned by Saudi Arabia's Aramco, is in talks with Red Bull, with the Polish concern's red accents already prominently visible on the cars driven by Daniel Ricciardo and Yuki Tsunoda.
Sources indicate that Red Bull is not currently in talks with parties other than Hugo Boss or Orlen, but this cannot be ruled out.
However, clarity is required as soon as possible regarding the title sponsor, with the 2024 season looming.
RacingNews365 and Formula.Hu understands that a final decision is expected from Red Bull in September, with a potential third option being both Hugo Boss and Orlen will sponsor the team.
However, this is deemed unlikely by sources familiar with the matter as Hugo Boss is understood to be fully committed to assuming sole control, but Orlen would continue on with the team, just not in an expanded role.
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