Red Bull have signed a multi-year partnership with cryptocurrency exchange Bybit in what the Formula One team said was the largest annual crypto deal in international sport so far.
The Milton Keynes-based team did not reveal a deal value in their statement issued on Wednesday but an informed source said it was worth $150 million over three years with Bybit becoming the squad’s “principal team partner”, a newly-created tier second only to “title partner.”
The Bybit deal comes after Red Bull unveiled software giant Oracle as their title sponsor last week in a deal sources told Reuters was worth $300 million over five years.
The Associated Press reported the deal at being worth nearly $500 million over the same time period.
The two together add up to $110 million a year, covering a significant chunk of the team’s expenditure, especially with a budget cap written into Formula One rules for the 2022 season at $140 million before tightening to $135 million from 2023 onwards.
The deal with Red…
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