Visa, Cash App contract details as Red Bull rebrand AlphaTauri F1 team

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A new name will line up on the Formula 1 grid in 2024 after Red Bull rebranded the AlphaTauri team as Visa Cash App RB, so here are all of the known contract details.

The Faenza outfit have operated as the sister team to Red Bull since the energy drinks brand first entered Formula 1. Red Bull founder Dietrich Mateschitz purchased Jaguar in 2004 and Minardi in 2005 before calling them Red Bull and Toro Rosso, which also became AlphaTauri.

Red Bull sought to rebrand Toro Rosso as AlphaTauri before the 2020 F1 season to promote its fashion label. But the parent company has now decided to rebrand the AlphaTauri team again, this time as Visa Cash App RB. It is also not the only change at the F1 team in Faenza.

AlphaTauri rebrands as Visa Cash App RB ahead of the 2024 F1 season

As well as the team using Visa Cash App RB as their name, the squad once called AlphaTauri is also under new management. Ferrari’s ex-sporting director, Laurent Mekies, has replaced Franz Tost as team principal. They will also look to be more than just Red Bull’s junior team.

Visa Cash App RB, also abbreviated to V-CARB, will launch the car Daniel Ricciardo and Yuki Tsunoda will drive in the 2024 Formula 1 season at the NFL Super Bowl on February 8 in Las Vegas. But, what details are known about Visa and Cash App’s contracts to name the team?

How long is Visa’s contract to name the rebranded AlphaTauri F1 team?

Red Bull GmbH has agreed to a multi-year contract with Visa for the American payment card corporation to feature in the rebranded name of the AlphaTauri team. It will also be a global partner of both, Visa Cash App RB and Red Bull, and have its logo on the teams’ 2024 cars.

It marks the first time in 15 years that Visa has signed a new, major sponsorship agreement, as well. Cash App has previously worked with Red Bull since 2021. The two San Francisco-based payment services will also support the Red Bull-affiliated F1 Academy team for 2024.

How much is Cash App’s deal to name Red Bull’s junior team worth?

Reports have not yet claimed how long Cash App’s contract with Red Bull GmbH to be a title sponsor of the Visa Cash App RB F1 team is. But Sports Business Journal has noted that the overall title sponsorship deal to rebrand AlphaTauri is worth over $20m (£15.5m) annually.

Red Bull snubbed JP Morgan and Hugo Boss for Visa Cash App RB

Red Bull GmbH considered a number of potential names as it looked to rebrand AlphaTauri before agreeing contracts with Visa and Cash App. According to ESPN, one option Red Bull explored was Racing Bulls. But some within the company resisted taking the name further.

The Austrian energy drink giants also had talks with JP Morgan and Hugo Boss over deals to name AlphaTauri last year. But Visa and Cash App emerged as the leading candidates for the rebranded name. The Visa Cash App RB name will now debut at the Bahrain GP on March 2.

What is AlphaTauri, Red Bull’s fashion label?

Red Bull GmbH initially rebranded Toro Rosso as AlphaTauri ahead of the 2020 F1 season to promote its fashion label. But it has now taken on outside partners as title sponsors for Visa Cash App RB as of 2024. AlphaTauri is also the Latinised name of the Taurus star, Aldebaran.

AlphaTauri launched as a fashion brand to carry on Red Bull GmbH’s ethos of innovation and challenging the status quo. But the move to rebrand Toro Rosso in 2020 likely did not deliver all of the marketing gains Red Bull GmbH sought before rebranding as Visa Cash App RB.