Formula 1 Sponsorship Boom: Top 5 Teams Attracting Big Bucks in 2024

Last year, around 300 companies and brands sponsored the 10 Formula 1 teams, marking a doubling in quantity from a decade ago. Tobacco sponsorship, once prevalent, was banned in 2006, followed by a phase dominated by telecom companies. However, software providers are now prominent sponsors. The acquisition of F1 by Liberty Media and the popularity boost from events like the Las Vegas Grand Prix and Netflix’s Drive To Survive have contributed to the sport’s increased appeal.

Sponsoring an F1 team is expensive but worthwhile for deep-pocketed companies. RacingNews365 estimated the top five sponsorships in 2024:

1. Oracle – Red Bull: $90m
2. Aramco – Aston Martin: $75m
3. Petronas – Mercedes: $70m
4. Stake – Stake F1 Team: $50m
5. Bybit – Red Bull: $40m

Oracle, with a history in F1, sponsors Red Bull and assists in pit stop strategy calculations. Aramco sponsors both Aston Martin and Formula 1, leading to a name change for Aston Martin this season. Petronas, a Malaysian fuel supplier has been a long-term sponsor of Mercedes, providing sustainable fuel for future F1 power units. Stake is the title sponsor of F1’s newest team, Stake F1 Team, for two years transitioning from sponsoring Alfa Romeo last season.