As the Formula 1 Miami Grand Prix approaches, the spotlight is on Mastercard and several top teams vying for lucrative sponsorship deals with the payments giant. According to SportBusiness, the McLaren F1 Team is leading the race for a deal with Mastercard, with talks pointing to potential sponsorship that could lead to the team being rebranded as 'McLaren Mercedes Mastercard'.
Formula 1 teams target MasterCard sponsorship
Ferrari, Mercedes and Aston Martin are also eyeing a potential deal with Mastercard as they seek to impress the payment services giant during the Grand Prix weekend. Ferrari, which was previously in discussions with Mastercard for royal sponsorship, is said to be exploring a lower-level deal as the brand shifts its focus towards McLaren.
Competitive Formula 1 sports sponsorship deals are gaining momentum, especially after Red Bull Racing's sister team RB secured joint sponsorship with Visa and Cash App earlier this year. Formula 1 is clearly attractive to paying brands, with American Express recently announcing a regional sponsorship of the sport. Likewise, JPMorgan Chase is said to be in talks with Red Bull Racing.
EXCLUSIVE: McLaren F1 aims to follow in Ferrari's footsteps in the title sponsorship market as it leads a host of teams looking to secure MasterCard as title sponsor. SportBusiness is aware #McLaren It is one of four teams in talks with the payment services giant.✍ @Matt_Williams61
– Sport Business (@SportBusiness) April 24, 2024
Pay brands in the F1 Championship
While Mastercard's last major venture into Formula 1 was with the now-defunct Jordan team, its presence in wider sports remains significant, with partnerships in the UEFA Champions League, MLB, Rugby World Cup and PGA Tour. Mastercard had nearly 500,000 followers on X, while Formula 1 has more than 10 million followers on the social media platform.
Last year, OKX expanded its partnership with McLaren Racing. After a successful initial agreement, the collaboration expanded after the OKX logo appeared on the side skirts of the MCL60 team during the Australian Grand Prix. The deal between OKX and McLaren Racing represents a milestone in the ongoing integration of cryptocurrencies into Formula One.
The partnership between McLaren Racing and OKX reflects a broader trend of Formula 1 teams forging strategic alliances within the finance industry. It is worth noting that McLaren has previously signed sponsorship deals with prominent financial institutions, including Goldman Sachs and financial brokerage FxPro, as part of its sustainability initiatives.
This article was written by Jared Kirroy at www.financemagnates.com.