Red Bull secure lucrative sponsorship deal reportedly worth huge figure

Red Bull have agreed a multi-year sponsorship deal with cryptocurrency company Bybit, with it set to become the largest deal of its kind in sport.

The team has already announced a title sponsorship deal with Oracle that is set to land them $500m over 5 years and they have now penned another lucrative contract, with Bybit set to pay $150m over 3 years as a sponsor, according to ESPN.

A team statement read:

Oracle Red Bull Racing are delighted to announce a wide-ranging partnership with leading cryptocurrency exchange platform Bybit, in a multi-year agreement, that represents the single largest per-annum cryptocurrency venture yet seen in international sport.  

Whilst Christian Horner said of the deal:

“I’m delighted to welcome Bybit to the Team. It’s fitting too that, as we enter a new generation of competition of F1 in 2022, with an advanced and potentially game-changing new philosophy of cars taking to the track, that Bybit also exist at the cutting edge of technology.

“They share the Team’s passion to exist at the forefront of technological innovation, to set the competitive pace and to disrupt the status quo. Allied to that is Bybit’s commitment to enlivening the fan experience in F1 through digital innovation. This is also a key mission for the Team and Bybit’s assistance will help us build a deeper more immersive and unique connection with the team for fans around the world.”