The battle in F1 is not only what we see on track but also consists of significant opposition elsewhere. Aside from the ‘political wars’ between the teams, the sport’s financial dimension is also essential. The budget cap has partly diminished the importance of generating more revenue. After all, there is now a spending limit for each season. Funding to reinforce infrastructure is also limited, and so is allocated salary spending.
However, there are exceptions. The three highest-paid team members, alongside the drivers, are not included in the cap. Scuderia Ferrari is often the highest-paid team in F1, thanks also to the famous historical bonus to reward the Italian team. The Italian outfit has received this payment consistently for decades.
All these factors mean that Ferrari will also receive the highest sum of all the teams in 2024. In total, the total adds to $208 million, despite finishing third in the Constructors’ World Championship.
In addition to this, the team’s significant turnover is boosted by agreements with the various sponsors.
FERRARI FINDS A TITLE SPONSOR: HERE IS HEWLETT-PACKARD
For a few weeks now, there have been some rumours about a big announcement from Ferrari. Today, Sport Business reported the team’s agreement with a new Title Sponsor.
As confirmed to Formu1a.uno by high-level sources, in an increasingly technological F1, Hewlett-Packard will become the main sponsor of Ferrari.
The American IT giant, better known as HP, will return to the world of F1. Only recently, the US company entered the world of football with an important agreement signed with Real Madrid.
These negotiations are not strictly linked to Lewis Hamilton’s arrival, having well before the 7-time Champion’s Ferrari contract was announced.
Hewlett-Packard will become Ferrari’s new title sponsor and return to F1. Previously, it has been a partner of Williams, Renault and Sauber.
In recent years, the American company has also experienced important changes. It has separated into two distinct branches: Hewlett-Packard (HP) and Hewlett Packard Enterprise (HPE).
HPE, in particular, is active in F1 today with agreements with some teams, such as Mercedes and Stake F1 Team.
The agreement’s economic component cannot be overstated. This deal is Ferrari’s most important after the golden era of Philip Morris in an increasingly technological F1.
However, HP’s agreement with Ferrari also has an important technical component. The American company’s technology will become available to the Scuderia di Maranello.
The scale of this agreement can be compared to Red Bull’s deal with oracle, worth an estimated $100 million per year. In addition to this financial sum, Oracle also has an important analytics-based partnership with the reigning Champion.
Red Bull’s Power Unit development has been helped by the Oracle Cloud. Driver preparation and training is also improved by artificial intelligence and machine learning technologies.
VIGNA: “THE ARRIVAL OF LEWIS HAMILTON MARRIES THE FERRARI DNA: WE BOTH WANT CONTINUOUS PROGRESS TO BE SUCCESSFUL”
Ferrari is continuing its process of progression, aiming to return to the heights of Motorsport. An agreement of this magnitude will certainly be able to give a further boost to Maranello’s ambitions.
Meanwhile, present at the Sustainable Future Day, the CEO of Ferrari, Benedetto Vigna, made comments about this season and the team’s near future:
“Fred Vasseur’s team is doing a good job, but to be successful, we need to keep all four wheels on the ground and remember that life is like a circuit, so it’s not all a straight line.”
The metaphor is clear, with the CEO referring to obstacles and negative moments that can be encountered and faced.
“We must always understand reality, learn, adapt and never lose contact with the ground because otherwise we end up off track,” continued the CEO of the important Italian brand.
The start of the season was certainly positive for the Scuderia, but the objective is to continue to progress. In this sense, the arrival of Lewis Hamilton will be able to help the whole team take a further step forward.
Vigna thus commented on the future arrival of the seven-time world champion in Maranello:
“Hamilton will bring with him what is written in the Ferrari DNA and reiterated several times by Enzo Ferrari, our founder. The will to continually progress, fundamental if a team wants to be successful in the future.
“Having Lewis with us will help us remember that things can change,” concluded the Italian manager.
