Racing Point, which will be rebranded Aston Martin Racing for the 2021 F1 season, is reportedly in talks with US information technology services corporation Cognizant regarding a title sponsorship deal.
Cognizant is believed to be in “advanced negotiations” with the Silverstone-based team, according to Motorsport-Total.com.
Racing Point’s current title sponsor, Austrian water treatment manufacturer BWT, may continue to sponsor the team in a reduced capacity.
The team is looking to work its way up the pecking order and establish itself as a front-runner in Formula One over the coming years.
It hopes it will benefit from F1’s budget cap, which will come into effect next season, and the more equitable distribution of prize money.
Their signing of Sebastian Vettel is a clear indication of the team’s growing ambition in Formula One, and the addition of the four-time World Champion to the constructor is likely to help them attract new, more lucrative sponsorship deals.
Although Racing Point narrowly missed out on securing third in the 2020 Constructors’ Championship, team principal Otmar Szafnauer believes there are many positives to carry into the new season ahead of their rebrand to Aston Martin Racing.
”It’s been a year of missed opportunities for several reasons – including more than our fair share of bad luck that cost us valuable points,” Szafnauer said after the Abu Dhabi Grand Prix.
”We will take the disappointment tonight in our stride and focus on the positives of an incredibly strong season where we enjoyed some great moments.
“We have shown that we have a competitive car and team, which will give us a great base to come back even stronger in 2021 under the Aston Martin name,” he added.