Mastercard Gears Up for F1 Sponsorship as Top Teams Race for Backing: Report

Wednesday, 24/04/2024 | 18:05 GMT by Jared Kirui

McLaren is reportedly in talks for a sponsorship deal with Mastercard.

Ferrari, Mercedes, and Aston Martin are also interested in endorsing the payment giant.

As the Miami F1 Grand Prix approaches, the spotlight is on Mastercard and several top teams competing 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.

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.