Reports surfaced on Tuesday that Ferrari was set to announce a new title sponsor, with Hewlett-Packard joining forces with the legendary organization.
Miami Grand Prix 2024: Ferrari announces new title sponsor Hewlett-Packard
Ahead of the next race on the F1 schedule, Ferrari announces a new title sponsor
Mark Schofield is a former college quarterback and attorney covering the NFL and F1.
Ferrari confirmed that arrangement on Wednesday, announcing that Hewlett-Packard would be the team’s new title sponsor, beginning with next weekend’s Miami Grand Prix.
The team announced the move on social media Wednesday morning with this video:
As noted by F1 journalist Chris Medland, the team will carry the name Scuderia Ferrari HP going forward:
According to SportBusiness, who first reported on the potential deal Tuesday, the sponsorship is on par with the title sponsorship relationship between Red Bull and Oracle, which at the moment is the most lucrative in the sport. “Sources say the deal’s annual value is comparable to Red Bull Racing’s title sponsorship deal with technology company Oracle, which is currently the most valuable of its kind in F1,” wrote Matthew Williams in SportBusiness.
Ferrari heads to next weekend’s Miami Grand Prix sitting second in the Constructors’ Standings, 44 points behind Red Bull and 55 points clear of third-place McLaren. The hope might be that this sponsorship deal will help Ferrari close that gap even further to Red Bull at the front.
As well as help cover the costs associated with bringing Lewis Hamilton into the fold next season.
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