Global payment giant Mastercard has entered into a multi-year sponsorship agreement with Formula 1's McLaren Racing, the company announced today (Wednesday). Starting later in the 2024 season, Mastercard's branding will predominantly feature on McLaren's cars and team apparel.
Deepening Fan Engagement
Additionally, the deal aims to bring Mastercard into the high-octane world of Formula 1 and offer cardholders exclusive access to McLaren Racing's events and experiences to deepen fan engagement.
Speaking about the agreement, Mastercard's Chief Marketing and Communications Officer, Raja Rajamannar, said: “We are constantly exploring new ways to bring value to our customers and cardholders. Racing has become one of the most exhilarating, universal passions globally, and McLaren is synonymous with innovation and excitement.”
As the 2024 Formula 1 season progresses, fans will see Mastercard's branding on McLaren's cars and team gear. Mastercard mentioned that the partnership is a strategic move to blend Mastercard's global reach with McLaren's racing heritage. On X, McLaren has more than 4 million followers, while Mastercard has nearly 500,000 followers.
“Mastercard shares our absolute passion for offering fans fantastic experiences. Their involvement will enhance our global racing community and provide fans with unique opportunities to engage with the team,” McLaren Racing's CEO, Zak Brown, said.
OKX and McLaren Racing
In March last year, crypto exchange OKX extended its partnership with McLaren Racing in a similar arrangement. The multi-year agreement was concluded in the previous year, although the terms were not disclosed. The deal saw the OKX logo featured on the car's sidepods, including in the Australian Grand Prix. Besides that, the OKX logo appeared on the suits of drivers Norris and Oscar Piastri.
Interestingly, McLaren Racing onboarded an executive from the financial market. Dylan Holman exited eToro to assume the role of Head of Primary Partner at the British racing team. Holman left the Head of Global Sponsorships role at eToro.
