APRIL 23, 2024

Ferrari set for big-money F1 title sponsor deal

Ahead of Lewis Hamilton's arrival at Ferrari, the fabled Italian Formula 1 team is now tipped to sign a lucrative deal with a title sponsor.

Ferrari has not had a title sponsor since the 'Mission Winnow' project involving ongoing but behind-the-scenes tobacco backer Philip Morris.

But before Hamilton arrives with salary requirements that no doubt dwarf that of his predecessor Carlos Sainz, Sport Business reports that Ferrari is set to announce a title sponsor deal with Hewlett-Packard (HP).

Driver salaries do not count against Formula 1's 'cost cap', explained F1 correspondent Matthew Williams, allowing teams an unlimited spend on star acquisitions.

Sport Business said sources are reporting that the annual value of Ferrari's HP deal is comparable to Red Bull's title sponsorship with Oracle - another technology company.

Ferrari and HP are yet to comment.

(GMM)