Goldman Sachs has inked a multi-year sports sponsorship deal with McLaren Racing, thus becoming one of the few investment banks to put its brand in a sports arena.
Announced on Tuesday, the goal of the deal is to assist the racing team in achieving its sustainability goals, a trend that has taken over almost all industries. The racing team in a sport that notoriously depends on fossil fuels is looking to accelerate progress to fulfill its commitment to net-zero carbon emission goals.
“We’re thrilled to partner with Goldman Sachs, a global institution that shares McLaren Racing’s own values in recognizing the importance of sustainability,” said Zak Brown, the CEO of McLaren Racing.
“As we work to achieve our bold long-term goals, Goldman Sachs’ support will provide an invaluable boost in fast-tracking our progress.”
A Multi-Year Agreement
The deal between the two will kick off the 2022 racing season, and the Goldman Sachs logo will first appear on McLaren racing cars at the upcoming British Grand Prix. Additonally, the investment bank gained the status as the Official Partner of the McLaren Formula 1.
However, neither of the companies have disclosed the terms of the deal. Though they mentioned it will be a multi-year agreement, its tentative expiry is also unknown.
Fiona Carter, the CMO at Goldman Sachs, said: “Goldman Sachs and McLaren share an ambition to accelerate progress for the fans, our clients and in our communities. Together we’re excited to see what’s possible when we push our collective technical and intellectual expertise to the limit.”
Sports sponsorships are very popular in the financial services industry. Several brokers are now sponsoring some big ticket teams, while a few even inked deals with dozens of sports teams. Now, deep-pocket crypto startups are spending aggressively on brand promotion through sports sponsorship. However, such marketing tactics by partnering with sports teams are rare for investment banks.
