The huge financial value of Ferrari’s crown sponsorship deal with HP has been revealed

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The huge financial value of Ferrari’s crown sponsorship deal with HP has been revealed

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25-04-2024 10:42

ewald | Ferrari recently signed a title sponsorship deal with American tech giant HP, a deal that covers two-thirds of the team’s budget limit. This agreement not only strengthens the financial base of the Scuderia Ferrari team, but also positions it as one of the most profitable in the world of Formula 1.

Source: Formule1nieuws.nl

A new era for Ferrari with HP as title sponsor
From the Miami Grand Prix onwards, the new title sponsor, HP, will feature prominently on Ferrari F1 cars and team apparel. This partnership, which will last several years, is not only a financial improvement but also marks an important strategic axis for Ferrari. The integration of HP’s technological expertise promises innovation in and out of racing, with Ferrari’s commitment to a sustainable future at the core.

The impact of the HP deal on Ferrari’s budget constraint
According to Formula 1 journalist Will Buxton, the contract with HP is worth an estimated $90 million per year, which is equivalent to two-thirds of the budget limit available to Ferrari. This puts the deal in a unique light, even compared to Red Bull’s deal with Oracle, which is reportedly worth $300 million over five years. The financial benefit that Ferrari gets from this deal gives them a huge advantage in the competitive environment of Formula 1.

Ferrari’s innovative approach and sustainability commitments reinforced by HP
Ferrari CEO Benedetto Vigna highlights how this new partnership with HP aligns with Ferrari’s vision of innovation and sustainability. Striving for carbon neutrality and educating the next generation are key elements of Ferrari’s vision for the future, something that HP’s participation will undoubtedly contribute to. With a common value orientation between both companies, the goal is long-term development and technology development.

Special events and programs supported by the HP program
In addition to its core F1 activities, HP will also be involved in the Ferrari F1 Academy and the team’s esports programs. This comprehensive partnership shows how Ferrari and HP see a common interest in real-world and digital competition. With this comprehensive approach, Ferrari aims to strengthen its presence in different fields and entertain a wide audience.

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