Ferrari is said to be on the verge of securing a significant sponsorship agreement with Hewlett Packard (HP), according to a report from SportBusiness. This partnership is expected to rival the financial scale of the current deal between Oracle and Red Bull, signaling a major collaboration in the world of Formula 1.
The official announcement of this agreement is anticipated to take place in Miami, coinciding with a key Formula 1 race weekend. Sources indicate that the contract could be worth anywhere between $90 million to $100 million per year.
However, this arrangement goes beyond mere financial terms. It is likely to include a technological partnership similar to the one between Oracle and Red Bull. This collaboration could provide Ferrari with crucial advanced technological support for car development, highlighting the increasing significance of software and technology in Formula 1.
While the contract has not yet been officially signed, it is worth noting that Ferrari typically announces such deals within 48 hours of signing. As of now, no announcement has been made, suggesting that the agreement may not be finalized until the next season. This situation is reminiscent of Ferrari’s early announcement in 2023 regarding their partnership with Peroni, which did not take effect until the following season.
The upcoming race weekend in Miami is expected to be a focal point for F1 teams, not only for racing but also for significant sponsorship and driver market movements. It is noteworthy that all major team and sponsor executives will be present, in contrast to the less-attended races in China and Japan.
If confirmed, this deal represents a significant milestone for Ferrari as they continue to adapt and thrive in the technology-driven landscape of modern Formula 1. The partnership with HP has the potential to unlock new possibilities in terms of car performance and competitive advantage, leveraging HP’s technological expertise. Therefore, the Miami race weekend is poised to be a pivotal moment for Ferrari, potentially ushering in a new era of technological advancement and financial support for the team.