Red Bull have parted ways with one of their sponsors after three years, leaving a big hole in the team’s finances.
Crypto exchange Bybit were thought to be one of the Formula One giants’ biggest sponsors in terms of their financial contribution, however the two parties have now reached the end of their partnership.
The climax of the 2024 season – which saw Red Bull finish third behind Ferrari and McLaren – was therefore the natural ending of a deal that saw the team receive a reported £119million over the course of three years.
It is thought that only naming partner Oracle contributed more to Red Bull Racing as sponsors, with their contributions thought to be from £72.7m-£80.8m ($90m-$100m).
According to reports, the two parties had been in discussions over an extension, though Bybit are thought to have elected against renewing terms at such a high value.
It has been reported that uncertainty in the crypto market is one reason for the decision not to continue.
Red Bull have lost around £40million-a-year after the end of their sponsorship deal with Bybit
Christian Horner’s side are thought to be set to announce further sponsors for the 2025 season
Max Verstappen is set to be partnered on the grid by Liam Lawson in the 2025 campaign
However the Milton Keynes-based team are thought to be set to announce a new set of sponsors ahead of the 2025 season.
The Abu Dhabi Grand Prix saw the RB20 car adorned with the branding for AvaTrade for the first time, as the online trading brokers signed their biggest multi-year sponsorship deal in the sport.
CEO and team principal of the team Christian Horner said of the partnership: ‘Everyone at Oracle Red Bull Racing is excited to be welcoming AvaTrade to the Red Bull family and to see them proudly displayed on the RB20 in Abu Dhabi as we celebrate the end of the 2024 season.
‘This is a unique partnership that has combined our shared values of maximizing potential and achieving success – whilst pushing the limits.
‘The partnership expanding to F1 Academy and Talking Bull shows the commitment and amazing working relationship that the Team already has with AvaTrade, and shows the depth of the world of Red Bull and exciting opportunities in F1.
‘We look forward to reaching new heights together in 2025 and beyond.’
The 2025 season will see Liam Lawson partner Max Verstappen in the Red Bull as the youngster replaces Sergio Perez after a disappointing campaign from the Mexican.
Red Bull will be looking to win back their constructor’s title from McLaren which they held in 2022 and 2023.