Scuderia Ferrari is poised to unveil a lucrative title sponsorship agreement with Hewlett-Packard (HP) ahead of the highly anticipated Miami Grand Prix. According to reliable sources, the multifaceted deal is estimated to be worth a staggering £80.4 million ($100m) annually, placing it on par with Red Bull’s partnership with Oracle, which currently holds the distinction of being the most valuable title sponsorship in Formula 1.
This strategic alliance between Ferrari and HP marks a significant milestone for the iconic Italian racing team, as it represents their first title sponsorship since the conclusion of their controversial Mission Winnow partnership in 2021. The Mission Winnow initiative, backed by tobacco giant Philip Morris International, had a substantial presence in F1 marketing, leveraging renowned cigarette brands such as Marlboro and Benson & Hedges.
HP’s foray into the world of Formula 1 is not without precedent. The California-based technology giant recently forged a partnership with Real Madrid, becoming the Spanish football club’s inaugural sleeve sponsor. Furthermore, HP’s iconic blue and white logo has graced the circuits of F1 before, adorning the cars of both Williams and Sauber.
The arrival of HP as Ferrari’s title sponsor coincides with a broader push by the technology company to enhance its visibility in the realm of sports sponsorships. This drive has culminated in a notable partnership with Mercedes and Sauber, further solidifying HP’s presence in the pinnacle of motorsport.
Ferrari’s new financial windfall will undoubtedly bolster their ambitions as they prepare to replace Carlos Sainz with seven-time world champion Lewis Hamilton in 2025. This high-profile driver change is anticipated to incur significant expenses, with French publication Sportune estimating Hamilton’s annual salary to be in the region of £70 million ($87m).
The influx of cash from HP will undoubtedly provide Ferrari with a competitive edge, enabling them to rival Red Bull’s Oracle-backed operation. Red Bull’s partnership with the software and cloud computing provider is reportedly valued at £402 million ($500m) over a five-year period, underscoring the immense financial resources at their disposal.
Ferrari’s strategic alliance with HP is a testament to the enduring appeal of the Scuderia brand and its ability to attract world-renowned partners. As the 2023 Formula 1 season unfolds, all eyes will be on Ferrari to see how they leverage their newfound financial strength to challenge for both the Drivers’ and Constructors’ Championships.
