Visa
Visa and Cash App will be the new co-title sponsors of Red Bull's B team in F1, formerly known as AlphaTauri. The deal is valued at over $20M annually, according to a person familiar with the matter, and it will see the two S.F.-based financial service companies compete against American Express in F1. The formal team name will now be known as Visa Cash App RB Formula 1 Team, and it comes after Red Bull founder
Dietrich Mateschitz died in 2022, leading the Austrian energy drink giant to consider significant changes to the B team, which has been named after Red Bull’s clothing brand. The main team, Oracle Red Bull Racing, has won the F1 championship three years in a row including winning all but one race this past season, pushing its commercial value ever higher.
The sides plan to unveil the first car under the new name at the Super Bowl next month in Las Vegas, an early example of the high-profile activation opportunities that the brands involved will work to bring to life. Cash App and Visa have a lucrative partnership together to produce the former’s debit cards, which is why they chose to work together on this partnership. Cash App was already an official sponsor of Oracle Red Bull Racing, while Visa will now become a partner of both teams.
Visa Senior VP/Global Sponsorships Andrea Fairchild told The AP in an interview that the new name of the team “is a mouthful but it was a way that we could showcase one of our key clients. There wasn’t a way to shorten it after bringing those two things together.” Red Bull Racing works with CAA on its sponsorship deals.
