Red Bull nears $150M sponsor replacement ahead of the 2025 F1 season

Red Bull Racing is reportedly in talks with crypto company Gate.io to fulfill its crypto sponsorship bracket for the 2025 F1 season. The team previously had a deal with Bybit that expired at the end of the 2024 season.

The energy drink outfit has kicked off preparations for the upcoming F1 season, which is likely to be challenging. McLaren and Ferrari are believed to be strong contenders for the championship after they beat the Milton Keynes-based squad in the Constructors' race.

Meanwhile, the Bulls lost their crypto sponsors, Bybit, at the end of the 2024 season. They first cracked the deal in 2022, which was reportedly worth around $50 million annually. However, after three seasons, the contract ceased to exist.

Both parties failed to agree on a renewal as the energy drink-based squad launched their quest for a new crypto sponsor.

According to SportsBusiness, Red Bull Racing has reportedly agreed to the terms with crypto giant company Gate.io. While the valuation of the new deal is yet unknown, Gate.io will likely replace Bybit as the team's official crypto sponsor.

This deal, if it materializes, will lead to huge financial relief for the Bulls. They suffered severe cash crunch last year due to losses incurred by damages to cars. Sergio Perez crashed multiple times, whereas Max Verstappen also surpassed the limit of power unit switches allowed per season.

Moreover, with Perez's departure, the team has reportedly lost Mexican investors, leading to an increase in financial stress. Regardless, with Gate.io on board, the energy drink-based team can breathe a sigh of relief.

Meanwhile, for the upcoming season, the Bulls will undergo several changes in the setup. Perez will be replaced by Liam Lawson, the rookie with 11 race starts. Moreover, Verstappen will be hoping for a more stable car as he faced serious issues with reliability in the 2024 season, which could have cost him his fourth title.

Red Bull expands agreement with Philips subsidiary

Red Bull Racing seems focused on sponsorship deals ahead of the 2025 season. Amid talks with crypto giant Gate.io, the team has reportedly expanded their existing partnership with Philips Professional Displays (PPDS).

PPDS first signed with the Bulls in 2022 and has supplied products for their racing team as well as for the factory at Milton Keynes. According to Racingnews 365, the deal will improve relations between the two parties.

In a statement, team principal Christian Horner said:

"In the fast-paced world of Formula One, if you stop innovating or striving to be better, you’re settling for second best. With PPDS, we have a partner who shares our philosophy and ambitions, and we are delighted to be extending into a new era with them."

Red Bull lost their dominance in the 2024 season as McLaren advanced mid-season to top the ladder. However, the team seems confident ahead of the new season.