Red Bull is looking for a new sponsor
The Austrian team has ended its association with Bybit, a cryptocurrency company, at the end of the 2024 season. However, the team has already found a replacement, with discussions already underway with Gate.io.
A cryptocurrency company for another? Last month, several sources, including *PlanetF1*, revealed that the three-year $150 million deal between the energy drinks brand and *Bybit*, a company specializing in cryptocurrency exchanges, had ended. The company founded by Ben Zhou had indeed decided to terminate the agreement due to the uncertainty surrounding the future of virtual currencies following Donald Trump’s election as President of the United States. Although negotiations have started between Red Bull and Bybit to extend their partnership, the Austrian team seems to have taken the initiative and is already in talks with another cryptocurrency company: *Gate.io*.
Red Bull close to an agreement with Gate.io
In any case, these are the rumors mentioned by SportBusiness, which indicate that discussions between the two parties are already well advanced. This company, founded by Dr. Lin Han, is not unknown in the world of sports, as it is notably visible on the sleeves of Inter Milan’s jerseys, an Italian football club. If this rumor materializes, it will be the third sponsorship agreement concluded in just a few weeks, following the signings of AvaTrade, an online broker, and Neat, a video conferencing technology company.
Two sponsors already signed
The capital market chain created in 2006 has signed a multi-year agreement with Red Bull and has concluded a significant deal with the Austrian firm. This season, the brand’s logo will be visible on the new RB21, their car for the 2025 season. It will also be visible on the team’s equipment and the suits of both drivers Max Verstappen and Liam Lawson, former Racing Bulls driver. Finally, AvaTrade will also sponsor the Red Bull academy and Talking Bull, the Red Bull podcast, proof of its involvement in the project.
For its part, Neat will see its logo on the helmets of the pit stop team and trackside displays. Its technology will also be used by the personnel of the Austrian team. With these two sponsors, and perhaps a third soon, the energy drink brand is already preparing for its 2025 season. With all these partnerships, Red Bull hopes to have all the resources it needs to do better than in 2024 when it let the constructors’ title slip away.
