The sponsorship deal between Ferrari and tech giants HP has seen its value match that of Formula 1 rivals Red Bull’s with Oracle, according to a report.
The California-based computer firm signed a long-term deal with the Scuderia ahead of the Miami Grand Prix last April, becoming a title sponsor with its blue logo adorning the famous red cars.
In a report by RacingNews365, the deal is now, in terms of sponsorship money, already matching that of Red Bull’s profit from software company Oracle, a partnership which began in 2022.
The money received by both teams from their respective sponsors is understood to reach $100 million, making it the joint-highest sponsorship deal of any F1 team currently on the grid for the year 2024.
Petroleum company Aramco came in at third with $75 million it provides to Aston Martin, with fellow oil giants Petronas close behind in fourth, giving Mercedes a whopping $70 million.
Sauber’s title sponsor puts them in fifth place, with online casino firm Stake giving them $50 million.
Ferrari isn’t HP’s first F1 rodeo
Prior to its 2015 split into two different entities, the company, known then formally as Hewlett-Packard, had previous experience as an F1 sponsor.
In 1999, the company provided minor sponsorship to both the Stewart and Jordan teams, the former extending into Jaguar after it took over ownership over Stewart from 2000.
Most notably, HP became a leading sponsor for Williams after its acquisition of the team’s then-existing sponsor Compaq. Its branding appeared on the side of its cars from the 2002 British Grand Prix until the end of the 2005 season.
The depth of its interest in F1 ensured that its branding appeared on at least two different teams’ cars on the grid for three years in succession.
It also has a brief stint as a sponsor for the Renault team in 2010.
The partnership with Ferrari extends into a technological context, with HP providing a breadth of its products to the team, integrating “high-performance products and services”.
Upon the announcement of the deal in Miami, Ferrari’s team personnel, including drivers Charles Leclerc and Carlos Sainz, wore one-off apparel and overalls coloured a tinge of blue that matches HP’s logo.
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