The Ferrari Formula One team has confirmed a multi-year title partnership with US technology titan HP.
Contract:
- Italian Formula One team to now be renamed as ‘Scuderia Ferrari HP’
- New team name to also be used for Ferrari’s esports team and its car competing in the F1 Academy series
- Ferrari to use HP’s products and services to enhance their performance on and off the track
- Companies committed to accelerating sustainable innovation
- Ferrari and HP will work together to expand educational initiatives within their teams and communities
Context:
Though no financial details have been officially disclosed, BlackBook Motorsport has previously reported that the HP deal is considered similar in size to Red Bull’s title partnership with Oracle, which is thought to be worth around US$300 million over five years.
BlackBook Motorsport understands that the partnership came as part of a commercial realignment at the Italian Formula One team, led by chief racing revenue officer Lorenzo Giorgetti and vice president of business development Paul Gandolfi.
HP becomes Ferrari’s first naming rights partner since the deal with Phillip Morris International subsidiary Mission Winnow came to an end in 2021.
Comment:
“Our founder passed on to us his continuous will to progress,” said Benedetto Vigna, chief executive of Ferrari. “From this stems our drive to innovate on the road and on the track, as well as our commitment to a sustainable future, from carbon neutrality to the education of the younger generation.
“In HP we have found the same values, which make it an ideal partner. We look forward to starting our collaboration and facing new opportunities and challenges together.”
Coming next:
The HP logo will make its debut on the team’s Formula One cars ahead of the upcoming Miami Grand Prix held between 3rd and 5th May. A new livery will also be unveiled specifically for the Miami race.
Go Deeper:
- Ferrari set to unveil HP as F1 naming rights partner
- F1 average team value increases 276% to US$1.88bn, says study
