Formula 1’s Largest Team Sponsors of 2024 Unveiled
Formula 1, as an area where big money revolves, has revealed the five major sponsors of the teams for 2024. Major brands such as Ferrari, Mercedes and Red Bull invest significant amounts annually in F1 projects, making the sport an attractive area for major sponsors.
F1 has become profitable in recent years and the budget limitation that keeps costs under control allows teams to be profitable. This situation can also be attributed to the fact that many external sponsors pay big money to take part in the teams’ vehicles.
Alongside the teams, F1 is also benefiting from its growing popularity. Formula One Management has recently signed multi-year agreements with sponsors such as Aramco, Crypto.com and LIQUI MOLY.
Biggest External Sponsors of F1 Teams in 2024:
1. Oracle – Red Bull Racing – $90 million
2. Aramco – Aston Martin – $75 million
3. Petronas – Mercedes – 70 million dollars
4. Stake-Stake F1 Team – $50 million
5. Bybit – Red Bull Racing – $40 millions
Oracle
Oracle, a software company long involved in F1, stands out as the largest external sponsor, contributing an impressive $90 million annually to Red Bull Racing. In addition to financial contribution, Oracle collaborates with the team in the field of software. Technology plays an important role in pit stop strategies and tactical operations.
Aramco
In addition to being an indispensable asset for F1, Saudi Arabia’s oil giant Aramco operates as one of the general sponsors of not only Aston Martin, but also F1. With its investment of $75 million, Aramco appears not only in the cars of Lance Stroll and Fernando Alonso, but also as the sponsor of the race on many tracks.
Petronas
Malaysia’s fuel supplier Petronas maintains a solid partnership with Mercedes, not only providing fuel but also making a significant financial contribution of around $70 million annually. Half of Mercedes’ financial limits have already been met with this annual partnership.
Stake
Australia-based Stake is taking important steps in F1. While it was initially known as an important sponsor of the Alfa Romeo team, in 2024 it moved up to the next level and became the main and principal sponsor of Sauber. This agreement, which will run until 2025, offers the Switzerland-based F1 team two seasons worth $50 million per year. At the same time, the betting company plans to launch an impressive activation campaign in F1; This shows other F1 teams that F1 is still an effective platform for marketing.
Bybit
In fifth place, cryptocurrency Bybit contributes $40 million to Red Bull Racing. With a contract valid until the end of 2024, Bybit looks set to continue sponsoring Red Bull Racing as a major cryptocurrency platform. Along with Oracle’s team sponsorship, Bybit is launching a digital collection called Velocity Series.
