- Hugo Boss and Orlen under consideration for title sponsorship
- Red Bull wants to boost revenue streams for secondary team
Hugo Boss is in negotations to become title sponsorship of the AlphaTauri Formula One team, according to a report by RacingNews365.
In June, it was revealed that the AlphaTauri branding would leave Formula One after four seasons, with parent company Red Bull targeting new revenue streams for its second outfit.
With the average value of a Formula One team reaching US$1.88 billion, sponsorship opportunities have never been more fruitful in Formula One. As a result, Red Bull is looking at a title sponsorship deal for its AlphaTauri team for the first time.
RacingNews365 reports that this could come in the form of fashion brand Hugo Boss, although options are still being explored.
Red Bull remains committed to retaining two teams in Formula One, with the energy drinks giant having already turned down an offer in excess of US$1 billion for AlphaTauri.
If the deal is completed, it is unclear how the team would be branded, although the use of the ‘Boss’ branding in its partnership with the Aston Martin Formula One team may be an indication of its preferred direction.
The expectation is that any deal with AlphaTauri would not affect its contract with Aston Martin, especially as the fashion brand has just signed Fernando Alonso as a brand ambassador.
When approached for a statement, Hugo Boss responded: ‘Our Boss brand is, and will continue to be the official fashion partner of Aston Martin.’
It’s not a surprise to see the fashion brand’s increased interest in Formula One, with chief executive Daniel Grieder having been in charge of Tommy Hilfiger when it partnered with the Mercedes Formula One team.
Any deal with AlphaTauri may include the clothing brand itself, as the synergies between the fashion empire and Red Bull’s clothing arm are obvious.
Another sponsorship option would be current principal partner Orlen – having recently dropped the ‘PKN’ from its name – taking on a larger sponsorship role.
RacingNews365 understands that Hugo Boss and Orlen are the only brands under consideration, although future interested parties can’t be ruled out. Any decision will be expected soon with Formula One about to enter the second half of its 2023 season.
Alfa Romeo to stay in Formula One
In other news, RacingNews365 reports that Alfa Romeo is set to agree a deal with the Haas Formula One team following its departure from Sauber at the end of this season.
Alfa Romeo is splitting with Sauber following a five-year partnership as Audi gears up to acquire majority control of the team by 2026.
Team principal Günther Steiner told BlackBook Motorsport that there was “no intention to change the [Haas] team name” amid rumours of an Alfa Romeo tie-up, and this appears to be true with Alfa Romeo reportedly agreeing to sponsor the team’s Ferrari engines.
On the surface, the combination appears simple as both teams have a pre-existing relationship with the Italian outfit.
It is not uncommon for brands to agree badging deals on engines, with Swiss watchmaker Tag Heuer lending its name to Red Bull’s Renault engines between 2016 and 2018.
The decision to pivot to exploring potential title sponsors has come as part of a wider restructuring of Faenza-based AlphaTauri.
Long-serving team principal Franz Tost will depart at the end of this season, with Laurent Mekies, former sporting director of Ferrari, stepping into the role.
Former International Automobile Federation (FIA) executive director Peter Bayer has also been appointed as the team’s new chief executive.
The start of this season was the first sign of a change of approach for the team, with Polish oil refiner Orlen brought on board as a principal partner, only the second non-Red Bull brand to be given prominent branding in the team’s history.
Combined with the marketable presence of Daniel Ricciardo, the hope is that a refreshed commercial approach will give the team more funds to produce a more competitive car, with its 2023 entry currently languishing at the bottom of the standings.