Ferrari – HP, a million-dollar deal: the Lewis Hamilton effect begins to be felt

25/04/2024 20:39

Million-Dollar Contract
The lead-up to the Miami Grand Prix weekend for Scuderia Ferrari was made significantly more exciting by the announcement of a new sponsorship partnership with the American multinational information technology company Hewlett-Packard (HP), which immediately becomes the title sponsor of the Prancing Horse team. The agreement will be multi-year and allows the Maranello team to once again sport – as many other rival teams of the red one do – a title sponsor, a presence that was absent from Maranello since the Mission Winnow era ended in 2021.

But the true impact of HP will obviously be felt in Ferrari’s coffers. The sponsorship figures are said to be no less than those recognized by Oracle for Red Bull, around $100 million annually. Figures of this magnitude are crucial for teams aspiring to battle for the World Championship title, as they essentially cover over 70% of the budget cap alone, which, with 24 races on the calendar, is set just above $140 million.

The Lewis Hamilton Effect Begins to Be Felt
However, the positive implications for Ferrari do not end there. The Italian daily newspaper La Stampa has highlighted how the Italian team remains the wealthiest in a Formula 1 competition that continues to experience strong economic growth. The Maranello team is worth approximately €3.65 billion, compared to Mercedes’ €3.55 billion and Red Bull’s €2.43 billion. These figures for all the major teams are roughly 3-4 times higher than the pre-Covid era, demonstrating how Liberty Media’s financial policy has borne fruit.

But Ferrari’s value is destined to increase even further in the future with the signing of Lewis Hamilton, snatched away from rivals Mercedes. While the sporting outcome of the Lewis Hamilton deal can only be evaluated from next year onwards, it’s undeniable that even now, the association between the seven-time champion – boasting over 36 million followers on Instagram – and the most iconic brand in the world of motorsport can only prove to be a winning choice. And it doesn’t seem like a coincidence that right now, about 10 months away from Lewis Hamilton’s first race behind the wheel of a Ferrari, the Prancing Horse has returned to having a million-dollar title sponsor by its side.

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