🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

Oracle's Red Bull F1 title sponsorship deal worth $300 million - sources

Published 11/02/2022, 10:42
Updated 11/02/2022, 10:47
© Reuters. FILE PHOTO: Formula One F1 - Young Driver Test - Yas Marina Circuit, Abu Dhabi, United Arab Emirates - December 14, 2021 Red Bull's Max Verstappen during testing REUTERS/Hamad I Mohammed/File Photo
ORCL
-
FORTY
-
ORCL34
-

STOCKHOLM (Reuters) - Software giant Oracle (NYSE:ORCL)'s title sponsorship agreement with the Red Bull Formula One team is worth about $300 million over five years, according to sources familiar with the deal.

The new deal was signed on Wednesday between Oracle and Formula One champion Max Verstappen's team and will see it renamed Oracle Red Bull Racing. They did not disclose financial terms.

© Reuters. FILE PHOTO: Formula One F1 - Young Driver Test - Yas Marina Circuit, Abu Dhabi, United Arab Emirates - December 14, 2021 Red Bull's Max Verstappen during testing REUTERS/Hamad I Mohammed/File Photo

Formula One engineers run thousands of computer simulations to help decide race strategy. The Red Bull team would use Oracle's cloud infrastructure for running those simulations.

A spokesperson for Oracle declined to comment on the sponsorship deal.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.