It is reportedly among the most lucrative deals in sports.
Coming off of Max Verstappen's World Championship title victory in Abu Dhabi last December, Red Bull Racing is gearing up for the 2022 season in style: a new car and a new title sponsorship.
Meet Oracle Red Bull Racing, “a new chapter of innovation in Formula One.”
“Oracle Cloud enabled us to make race-day decisions that helped Max Verstappen win the 2021 Drivers’ Championship. Discovering and reacting to opportunities quickly, is crucial to our success on and off the track, and Oracle is integral in that effort,” team principal and CEO Christian Horner said in the announcement. “Every element of our performance is driven by data analysis. Having Oracle as our title partner shows the confidence we have in their expertise and their ability to deliver a true competitive advantage.”
The deal between Oracle and Red Bull Racing is worth approximately $300 million, according to sources close to the deal. There's currently a team budget cap of $145 million, forcing the sport's big three—Mercedes, Ferrari and Red Bull—to tighten their budgets.
There will be a more expanded use of several of Oracle's expertise—cloud computing, engine development and driver development.
Red Bull will seeking any competitive advantage as it and Verstappen look to defend his world title, which came after a controversial final lap during the Abu Dhabi Grand Prix. FIA is investigating the events of that race and is planning to release the findings two days before the 2022 season begins with Bahrain in March.
More Formula One Coverage: