Red Bull Racing and one of their main sponsors have officially ended their three-year partnership, leaving a significant gap in the Formula One team’s portfolio. The deal, reportedly worth £119 million ($151 million), had made crypto exchange Bybit one of the team’s top financial backers, second only to naming partner Oracle.
The conclusion of the 2024 F1 season — where Red Bull finished third behind Ferrari and McLaren — marked the natural endpoint of the lucrative partnership. Despite discussions about extending the agreement, Bybit is said to have opted out, reportedly due to ongoing uncertainty in the cryptocurrency market, per reports.
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Bybit’s exit leaves a noticeable void in Red Bull’s funding strategy, especially given Oracle’s sponsorship contributions are believed to range between £72.7 million and £80.8 million ($90 million to $100 million). The team now faces the challenge of securing new deals to maintain its competitive edge both on and off the track.
Sources close to the Milton Keynes-based team indicate that fresh sponsorship announcements are on the horizon for the 2025 season. While Red Bull hasn’t confirmed details, speculation suggests they are actively courting multiple high-value partners to fill the financial gap left by Bybit.
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This shakeup adds another layer of intrigue as Red Bull looks to bounce back from a relatively underwhelming 2024 campaign. With McLaren and Ferrari surging ahead, the team will undoubtedly hope that fresh funding from new sponsors will fuel a stronger showing next season.
As the crypto world continues to grapple with market fluctuations, the decision by Bybit reflects the challenges faced by such companies in high-stakes sports sponsorships. For Red Bull, however, the race to secure new deals has only just begun.
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