
ByBit had been a prominent sponsor of the Red Bull F1 team over the past three seasons, but opted against a renewal for F1 2025.
The Dubai-based cryptocurrency platform signed a “multi-year” sponsorship deal with Red Bull ahead of the F1 2022 season, with the deal reaching a natural conclusion after the 2024 championship.
ByBit and Red Bull Racing part ways
The three-year deal between ByBit and Red Bull, which was reported at its inception to be worth $150 million over the course of the deal, concluded after the F1 2024 championship.
ByBit had been a prominent sponsor of the Red Bull team, with its partnership only eclipsed by that of title sponsor Oracle – a deal reported to be worth between $90 and $100 million per annum.
Speculation regarding the nature of the split between Red Bull and ByBit abounded as the crypto platform disappeared from the team’s official sponsors list on its website early this week.
ByBit and Red Bull had been in talks about an extension to its partnership but, faced with uncertainty in the crypto market in the face of the United States presidential elections, ByBit opted against continuing with its F1 involvement at such a high level.
But as one sponsor departs, the Milton Keynes-based squad is set to unveil several prominent sponsors from different sectors before the F1 2025 season kicks off. These sectors include the world of cryptocurrency, fitness, online streaming giants, and the world of financial technology.
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Red Bull recently announced online trading broker Avatrade to its sponsorship roster with a lucrative, multi-year deal, with sources close to the situation describing the valuation of the partnership as “significant”.
Avatrade appeared on the RB20 for the season finale in Abu Dhabi, and will prominently feature on the RB21 as well as the team kit and driver suits of drivers Max Verstappen and Liam Lawson.
Avatrade will also sponsor Red Bull’s driver academy programme, become a partner of the Red Bull F1 Academy programme, and sponsor the Red Bull F1 podcast Talking Bull.
Separately, Red Bull has also announced a multi-year deal with video conferencing technology partner Neat, as the company has stepped into Formula 1 for the first time.
Starting this year, Neat will feature prominently on the Red Bull RB21, the pit crew helmets, and on track displays, while Neat video technology will be deployed throughout the Red Bull organisation.
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