The truth behind Red Bull's $150 million sponsor withdrawal ahead of F1 2025

ByBit was a major sponsor of the Red Bull F1 team for the past three seasons, but chose not to renew for F1 2025.

The Dubai-based cryptocurrency platform has signed a “multi-year” sponsorship deal with Red Bull ahead of the 2022 F1 season, with the deal coming to a natural conclusion after the 2024 championship.

ByBit and Red Bull Racing part ways

The three-year deal between ByBit and Red Bull, which was initially reported to be worth $150 million over the course of the deal, was agreed after the 2024 F1 championship.

ByBit was a major sponsor of the Red Bull team, with its partnership only eclipsed by that of title sponsor Oracle – a deal estimated to be worth between $90 million and $100 million per year.

Speculation over the nature of the split between Red Bull and ByBit abounded as the crypto platform disappeared from the team’s official sponsor list on its website.

ByBit and Red Bull were in talks about an extension of their partnership but, faced with uncertainty in the crypto market in the face of the US presidential elections, ByBit chose not to continue its involvement in F1 at such a high level.

But as one sponsor leaves, the Milton Keynes-based team is set to unveil several major sponsors from different sectors before the 2025 F1 season kicks off. These sectors include the world of cryptocurrency , fitness, online streaming giants and the world of financial technology.

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Red Bull recently announced the addition of online trading broker Avatrade to its sponsorship list with a lucrative multi-year deal, with sources familiar with the matter calling the partnership’s valuation “significant.”

Avatrade appeared on the RB20 for the season finale in Abu Dhabi and will feature prominently on the RB21 as well as the team kit and driver suits of drivers Max Verstappen and Liam Lawson.

Avatrade will also sponsor the Red Bull Driving Academy program, become a partner of the Red Bull F1 Academy program and sponsor the Red Bull F1 podcast. Talk about bull.

Separately, Red Bull also announced a three-year deal with video conferencing technology partner Neat, as the company enters Formula 1 for the first time.

Starting this year, Neat will feature prominently on the Red Bull RB21, on pit crew helmets and on track displays, while Neat video technology will be rolled out across the Red Bull organization.