Red Bull land $700m F1 team sponsorship

The Red Bull Formula One team has secured a new title sponsorship worth around $US500 million ($A700 million) with technology firm Oracle, placing it among the most lucrative commercial deals in sports.

The five-year deal is a lift to the team ahead of the season beginning next month when Max Verstappen will be looking to defend his world title in a new Oracle Red Bull Racing car that was also revealed on Wednesday.

Financial details were not disclosed but a source told The Associated Press it was worth around $US100 million a year.

"We're all about speed and the speed of response," Red Bull team principal Christian Horner said.

"We're pushing the Oracle technical guys. But they're responding in the best possible way. And that's what makes this partnership very exciting."

With a new cost cap of $US145 million for teams introduced for the upcoming season, Oracle's cloud computing is also seen as a way of stretching the budget further.

"We've got a brand new set of regulations, a new technical challenge," Horner said. "We've got financial regulations that are driving and forcing efficiency, which is again where this partnership helps us to make sure that we're as efficient and productive as we possibly can be."

Additional resources and any edge in computing power can help when titles are decided, like in December, on the final lap in the final race of the season when Verstappen was able to controversially overtake Lewis Hamilton and dethrone the Mercedes driver as world champion.

"I'll take a certain American's perspective," Oracle executive vice president Ariel Kelman, the chief marketing officer, said in a video call. "F1 is the fastest growing sport that we're seeing in terms of an excitement here and around the world