Red Bull loses $150 million partnership but secures new sponsors
Red Bull Racing's partnership with cryptocurrency platform Bybit has officially come to an end ahead of the 2025 Formula 1 season.
The three-year deal, valued at $150 million, was one of the most prominent sponsorships in the team's portfolio, second only to the title sponsorship by Oracle.
The deal, which began in 2022, concluded naturally after the 2024 season, with the Dubai-based crypto company opting not to renew it deal.
A Successful Three-Year Partnership
Bybit's collaboration with Red Bull Racing began as part of the growing wave of cryptocurrency involvement in Formula 1.
Over the course of the partnership, Bybit's branding was a fixture on Red Bull's cars, including the front and rear wings of last year's RB20, as well as on team apparel and promotional materials.
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However, the deal faced challenges, including restrictions on cryptocurrency advertising at certain races, such as the Chinese Grand Prix.
Despite its success, the partnership was brought to an end increasing amid scrutiny on the cryptocurrency industry and a shift in Formula 1 teams' sponsorship strategies.
©RedBull
Speculation suggests that Bybit's focus on crypto was no longer a natural fit for Red Bull's evolving brand identity, which increasingly prioritizes partnerships with mutual benefits such as technical synergies or customer engagement.
Additionally, uncertainty in the cryptocurrency market, linked to increasing regulatory scrutiny by the U.S., reportedly also influenced Bybit's decision.
New Partnerships to Bridge the Gap
While the end of the Bybit deal leaves a significant $50 million per year gap in Red Bull's sponsorship portfolio, the team has already filled part of this revenue shortfall with new partners.
Online trading broker AvaTrade has signed a multi-year deal with Red Bull, described as the company's largest-ever sponsorship in Formula 1.
AvaTrade's branding made its debut on the RB20 at the 2024 Abu Dhabi Grand Prix and will feature prominently on the RB21, as well as on the race suits of Max Verstappen and Liam Lawson during the 2025 season.
The partnership also extends to Red Bull's F1 Academy program and its official podcast, Talking Bull.
“The partnership expanding to F1 Academy and Talking Bull shows the commitment and amazing working relationship that the team already has with AvaTrade, and shows the depth of the world of Red Bull and exciting opportunities in F1,” said Team Principal Christian Horner.
In addition, Red Bull has announced a partnership with video conferencing company Neat, marking the company's first foray into Formula 1.
Neat's logo will appear on the RB21, pit crew helmets, and trackside displays. Red Bull plans to integrate Neat's technology across its organization, enhancing communication and operations.
Looking Ahead to 2025
Red Bull expects more sponsors to join its roster for the 2025 season, representing sectors ranging from fitness and streaming to financial technology.
The team plans to unveil these partnerships during its livery launch event at London's O2 Arena on February 18, as part of the F1 75 season launch celebrations.
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