As the Miami F1 Grand Prix approaches, the spotlight
is on Mastercard and several top teams vying for lucrative sponsorship
deals with the payments giant. According to SportBusiness, McLaren F1 is leading the race
for a deal with Mastercard, with talks hinting at a potential title sponsorship that
could have the team rebranded as “McLaren Mercedes Mastercard”.
F1 Teams Target Mastercard Sponsorship
Ferrari, Mercedes, and Aston Martin are also eying a
possible deal with Mastercard as they seek to impress the payment
services giant during the Grand Prix weekend. Ferrari, previously in discussions with Mastercard for
a title sponsorship, is reportedly exploring a lower-tier deal as the brand
shifts its focus towards McLaren.
Competitive Formula One sport sponsorship deals are gaining momentum, especially
after Red Bull Racing’s sister team, RB, secured co-title sponsorships with
Visa and Cash App earlier this year. Formula 1 is evidently attractive to payment brands, with American Express recently announcing a regional sponsorship of
the sport. Similarly, JPMorgan Chase is reportedly in talks with
Red Bull Racing.
EXCLUSIVE: McLaren F1 is aiming to follow Ferrari into the title sponsorship market as it leads a pack of teams looking to secure MasterCard as a major sponsor.SportBusiness understands #McLaren is one of four teams in talks with the payment services giant.✍ @Matt_Williams61
— SportBusiness (@SportBusiness) April 24, 2024
Payment Brands in F1 Championship
While Mastercard’s last major venture in F1 was with
the now-defunct Jordan team, its presence in wider sports remains significant,
with partnerships in UEFA Champions League, MLB, Rugby World Cup, and PGA Tour. Mastercard had nearly 500,000 followers on X, while Formula 1 commands more than 10 million followers on the social media platform.
Last year, OKX extended its partnership
with McLaren Racing. Following a successful initial agreement, the
collaboration expanded after OKX’s logo appeared on the
sidepods of the MCL60 team during the Australian Grand Prix. The deal between OKX and
McLaren Racing marked a significant milestone in the ongoing integration of
crypto in Formula One.
The partnership between McLaren Racing and OKX reflected a
broader trend of Formula One teams forging strategic alliances within the
finance industry. Notably, McLaren has previously inked sponsorship deals with
prominent financial institutions, including Goldman Sachs and FxPro brokerage,
as part of its sustainability initiatives.
This article was written by Jared Kirui at www.financemagnates.com.
