The Italian team, Ferrari, has been in the motorsport industry as an unbeatable force, with its popularity and huge fan following. Ferrari has announced their multiyear sponsorship with the American company Hewlett Packard (HP). Ferrari will display the new blue symbol of Hewlett Packard (HP) on their uniform from the Miami Grand Prix that is being held next week.
This sponsorship agreement will not only change Ferrari’s branding on various platforms, but will also extend to include the team’s F1 Academy.
Due to its long history in Formula One, Ferrari has been able to negotiate attractive contracts and partnerships with various top teams, making them one of the highest-earning teams in F1, receiving a bonus of 5% of the prize money each year, for the time they spend on the sport.
It all starts in the garage, where we dare to dream and achieve. Today, @HP and @ScuderiaFerrari announce their historic title partnership.
We are thrilled to embark on a journey to empower people through technology and innovation and create meaningful connections worldwide 🏁… pic.twitter.com/X2b0GfiNrk
— Scuderia Ferrari HP (@ScuderiaFerrari) April 24, 2024
“Our founder passed on to us his continuous will to progress. From this stems our drive to innovate on the road and on the track, as well as our commitment to a sustainable future, from carbon neutrality to the education of the younger generation. In HP, we have found the same values, which make it an ideal partner. We look forward to starting our collaboration and facing new opportunities and challenges together,” Ferrari CEO Benedetto Vigna says.
How Much Money Does Ferrari receive from the New Title Sponsor?
The timing of the collaboration with HP is crucial, given the budget constraints imposed on Formula One teams, which is $135 million yearly budget cap.
According to F1 presenter Will Buxton, this sponsorship is crucial for the team as it could cover 66% of Ferrari’s annual budget cap, which is two-thirds of the total, the partnership not only renames the racing team Scuderia Ferrari HP but also provides a significant financial boost.
A huge deal for Ferrari, with my understanding that its financial value will cover 2/3 (66%) of the budget cap per annum. A massive partnership. Seeing that logo brings back some great early 2000s F1 memories. Would love to see it inspire some NART style blue and white liveries… https://t.co/SNokZhbijq
— Will Buxton (@wbuxtonofficial) April 24, 2024
According to Sports Business, the deal with HP is worth Red Bull’s Oracle title sponsorship deal, which is reported $90 million per year.
This partnership will not only help the team to afford Lewis Hamilton for the 2025 season but also help the team to gain a place at the front grid with the Red Bulls.
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Fiza is a writer at The Sports Orbit, focusing on F1 coverage. She is currently pursuing her master’s in broadcasting journalism and has a profound love for motorsports. She finds F1 to be the most engaging among others due to its adrenaline rush. She got interested in the sport after watching an F1 race with her brother and uncle, and she’s been hooked ever since. Her favorite team is Mercedes and she is a fan of Lewis Hamilton. Besides her dedication to F1, she enjoys activities like reading, practicing her calligraphy skills, and experimenting with cooking.
