Formula 1 Sponsorship: Formula 1: Did you see a change in this year’s Formula 1 circuits? If yes, you are absolutely not wrong as one of the main sponsors of Formula 1 has pulled out after being part of F1 since 2013. Emirates, the longtime sponsor of Formula 1 has failed to make a new deal and pulled out of the sponsorship team. Instead, Qatar Airways have taken its spot. Follow Formula 1 LIVE Updates with InsideSport.IN.
Confirming the rumors, Formula One Management has officially declared the partnership on its website and welcomed the airline brand. According to the official statement released, the partnership is based on Qatar Airways network and mutual passion for “technology and innovation”. The Emirates has been a part of the sport since 2013, with their contract expiring at the end of the 2022 season. Reportedly, Qatar Airways have replaced them, signing a deal of $300 million. As per Business F1, Qatar Airways have now joined the team alongside, Aramco, Crypto, DHL, Salesforce, Rolex, Heineken, MSC Cruises, and Pirelli.
Formula 1 🤝 Qatar Airways
— Formula 1 (@F1) February 22, 2023
F1 welcomes aboard Qatar Airways as our new Global Airline Partner in a multi-year deal ✈️#F1 @qatarairways https://t.co/fs9xFYoKZB
The former sponsors tried their best to come down to a solution but were unable to extend the deal. Brandon Snow, head of Formula 1, had asked to double the fees, which was downright rejected by Emirates. The Emirates had a $25 million per season contract with $5 million as extra bonuses. The deal was becoming financially problematic. The offer put forward to Snow by Emirates was also rejected.
Stefano Domenicalli welcomes Qatar Airways onboard
Stefano Domenicalli, President and CEO of Formula One commented on the new update, “As the pinnacle of motorsport, it makes sense for Formula 1 to partner with a global leader in aviation like Qatar Airways. We are two brands committed to delivering the best experience to our fans and customers, and our combined reach globally makes this a perfect match and share a passion for technology and innovation, particularly as we all work together for a greener future. We are delighted to welcome Qatar Airways as our Global Airline Partner.”
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The offer was then moved to Qatar Airways, who signed it for $300 million, making it one of the biggest sponsorships in the history of Formula 1. However, contract is similar to Emirates, making them a global partner until the 2027 season. The branding for Qatar Airways will be featured on the paddocks, circuits and every Formula One marketing. As per sources, Qatar Airways have gained a huge advantage over Emirates, by being the title sponsors of three races, Imola Grand Prix, Hungarian Grand Prix and the Qatar Grand Prix.
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