Ferrari is reportedly on the brink of securing a substantial sponsorship deal with Hewlett Packard (HP), according to a SportBusiness report.
This partnership is expected to rival the financial magnitude of the current agreement between Oracle and Red Bull, indicating a significant collaboration in the world of Formula 1.
The announcement of this deal is anticipated to occur in Miami, aligning with a key Formula 1 race weekend. Sources suggest the contract could be valued between $90 million to $100 million annually.
However, the arrangement extends beyond just financial terms, as it likely includes a technological partnership similar to that between Oracle and Red Bull.
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This collaboration could provide Ferrari with advanced technological support crucial for car development, reflecting the growing importance of software and technology in Formula 1.
Although the contract has not been officially signed, and Ferrari typically announces such deals within 48 hours of signing, no announcement has been made yet.
This suggests that the agreement might not be finalized until the next season.
The scenario is reminiscent of Ferrari’s early announcement in 2023 regarding their partnership with Peroni, which was still involved with Aston Martin at the time and didn’t take effect until the subsequent season.
The upcoming race weekend in Miami is expected to be a focal point for F1 teams not just for racing but also for significant sponsorship and driver market movements.
It is noted that all major team and sponsor executives will be present, a stark contrast to the lesser-attended races in China and Japan.
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This deal, if confirmed, marks a substantial step for Ferrari as they continue to adapt and evolve in the technologically driven landscape of modern Formula 1.
The partnership with HP could unlock new potentials in car performance and competitive edge, leveraging HP’s expertise in technology.
The Miami race weekend, therefore, is set to be a critical moment for Ferrari, potentially heralding a new era of technological advancement and financial backing for the team.