Ferrari reportedly lands lucrative title sponsorship deal with HP
24/04/2024 12:06
Ferrari is reportedly set to announce a new title sponsorship deal with US technology giant Hewlett-Packard for the 2025 Formula 1 season.
According to Sport Business, the Scuderia's commercial and technical agreement with HP will deliver a significant windfall to the Italian outfit, making it one of the most lucrative deals in F1 history.
It will also no doubt help the team afford the hefty eight-figure salary commanded by its future driver, seven-time F1 world champion Lewis Hamilton, who will join the outfit in 2025.
HP, a renowned computer hardware brand headquartered in California, will be Ferrari's first title sponsor since 2021, ending a two-season period without an official sponsor.
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The collaboration with Ferrari is expected to integrate HP technology into the team's operations, leveraging Formula 1's platform for showcasing innovative brands.
HP's involvement in F1 dates back to its sponsorship of Williams Racing from 2000 to 2005, indicating a familiarity with the sport's dynamics.
Additionally, Hewlett Packard Enterprise (HPE), a division of HP, has partnerships with Mercedes and the Sauber-owned Stake F1 team.
The decision to partner with HP marks a strategic shift for Ferrari, following the conclusion of its controversial contract with Philip Morris International (PMI) and the Mission Winnow initiative.
However, Ferrari's long-standing partner remains involved with the Scuderia, primarily focusing on hospitality rights.
Ferrari's recent commercial endeavors, spearheaded by former AC Milan executive Lorenzo Giorgetti, who was appointed as its chief racing revenue officer in January 2023, have aimed at expanding its premium partner network, which includes brands like Shell, Santander, and Puma.
This network will now be bolstered by HP's title sponsorship, solidifying Ferrari's position as a commercial powerhouse in Formula 1.
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