Although not mentioned in today’s announcement the Faenza outfit is also using the VCARB acronym, and it’s understood that it might eventually be revealed as the type designation of the RB chassis, with a final decision yet to be taken.
As reported last week the proposed Racing Bulls team name, which had been in the frame at one stage, has not been used.
Visa is the first global sponsor of both Red Bull-owned teams, and thus its logo will also appear on the RB20s of Max Verstappen and Sergio Perez, as well as on the F1 Academy entries for both outfits.
The deal represents Visa’s first major new sponsorship agreement for 15 years, while Cash App had an earlier involvement with Red Bull that was announced in 2021.
Previously known as Minardi and Toro Rosso, the Italian team is moving away from the AlphaTauri branding that it has used for the past four seasons after the end of its sponsorship deal with the clothing company.
Today’s announcement featured only the new name, title sponsors and logo, and next month’s Las Vegas event will see the unveiling of the car livery and the overalls to be worn by Daniel Ricciardo and Yuki Tsunoda.
“It’s fantastic to reveal the new identity and to welcome new partners as we embark on the next phase of the team’s F1 story,” said CEO Peter Bayer.
“Faenza is entering a new era of racing, staying true to our roots as a hothouse for talent but now with an even greater focus on competing for the biggest prizes in F1.
“We have a bold vision for the team led by myself and team principal Laurent Mekies and having future-focused partners such as Visa and Cash App alongside us on that journey is hugely exciting.”
Visa’s parallel involvement with the main Red Bull team is an indication of the scale of the deal as well as closer cooperation between the sister organisations on the commercial side.
“The birth of Visa Cash App RB is a hugely significant moment”, said Red Bull Technology’s chief marketing officer Oliver Hughes.
“The new identity is not simply a name change, it’s the start of a thrilling new journey designed to take the team to new levels of competitiveness and that’s demonstrated in the presence of one of the world’s most iconic brands as the team’s title partner.
“The team’s new identity as Visa Cash App RB leans into a future in which the team charges towards the front of the grid every weekend.”
The two sponsors were introduced to each other by AlphaTauri at last year’s Las Vegas GP, and they have been working closely together since then.
They are committed to “providing cardholders opportunities to get closer to the action through team activities including behind-the-scenes access, driver meet and greets, merchandise and elevated hospitality at races.”
The F1 Academy involvement is seen as an important element of the deal, and the drivers will be part of the Las Vegas launch.
“This is a groundbreaking partnership and a great opportunity for the Visa brand to engage one of the fastest-growing sports communities on the planet,” said Visa chief marketing officer Frank Cooper III.
“This alliance resonates strongly with Visa’s vision to inspire individuals to ‘make it,’ striving to take small steps for improvement each day, during every race or event.”
“The Visa Cash App RB team and Cash App are dedicated to connecting people and communities, and there’s no greater unifier than sports,” said Cash App head of brand Catherine Ferdon.
“With the continued growth of F1 in the US, this sponsorship allows us to deepen our relationship with F1 fans and furthers Cash App’s commitment to supporting and growing the culture of F1 fandom in the United States while offering more value to our customers.
“We have a history of elevating emerging talent and look forward to sponsoring a team known for developing incredible up-and-coming drivers.”
Meanwhile, the team conducted its last track running under its previous name on Tuesday when Tsunoda began a three-day session at Imola with the AT03, the regulations now allowing 2022 F1 machines – the first built under the current high-downforce regulations – to be used for private testing of previous cars.
The Imola test is in essence a chance for the drivers to shake off some rust, with Ricciardo due to take over on Wednesday afternoon for the second day and a half.
