F1 Team Racing Point To Partner With Betting Firm SportPesa

Formula 1 team Racing Point is reportedly "poised to announce a major new sponsorship deal" with online sports betting company SportPesa for the '19 season, according to RACEFANS.net. The team, previously known as Force India, agreed to a two-year deal with an option for a further season. Racing Point plans to unveil its new sponsor at its season launch at the Toronto Motor Show on Feb. 13. A source with knowledge of the situation "indicated the deal will be a title sponsorship arrangement" and said that terms "had been agreed at well below the market rate" for the level of exposure SportPesa will receive on the team’s cars. SportPesa is understood to be paying $8M for its first year followed by $10M in '20 and a further $12M if it remains for '21 (RACEFANS.net, 1/21).