Red Bull has confirmed its second Formula 1 team has changed names for the second time in four years.2024 F1 season. The new identity merges two title sponsors: Visa, the digital and mobile payment network, and Cash App, a platform for exchanging money including cryptocurrency.
Red Bull call the deal “Visa’s first new major global sports sponsorship in more than 15 years.” It involves both Formula 1 teams plus their two F1 Academy representatives. Cash App has been a Red Bull sponsor since 2021 and Visa’s logos will also appear on the RB20 this year.
The livery for the new Visa Cash App RB team will be presented at a special event in Las Vegas on February 8th.
“It’s fantastic to reveal the new identity and to welcome new partners as we embark on the next phase of the team’s Formula 1 story,” said Visa Cash App RB CEO Peter Bayer.
Red Bull previously operated its second F1 team chiefly as the final preparation stage for junior drivers earmarked for promotion to the top team. Its most successful drivers, including Max Verstappen, Sebastian Vettel and Daniel Ricciardo, all passed through its doors.
However Bayer indicated the team’s priorities have changed in line with its rebranding and the arrival of new senior staff including himself and former Ferrari sporting director Laurent Mekies. “Faenza is entering a new era of racing, staying true to our roots as a hothouse for talent but now with an even greater focus on competing for the biggest prizes in F1,” said Bayer.
“We have a bold vision for the team lead by myself and team principal Laurent Mekies and having future-focused partners such as Visa and Cash App alongside us on that journey is hugely exciting.”
The team was founded in 1985 as Minardi and purchased by Red Bull 20 years later. It was originally rebranded as Toro Rosso – Italian for ‘Red Bull’ – until it was renamed to promote their AlphaTauri fashion brand in 2020.
It finished last year eighth in the constructors’ championship. Ricciardo and Tsunoda, who ended the season as its two drivers, have remained with them for the new season.
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