Global payment giant Mastercard has entered into a
multi-year sponsorship agreement with Formula 1's McLaren Racing, the company
announced today (Wednesday). Starting later in the 2024 season, Mastercard's branding will predominantly feature on McLaren's cars and team apparel.
Deepening Fan Engagement
Additionally, the deal aims to bring Mastercard into
the high-octane world of Formula 1 and offer cardholders exclusive access to McLaren Racing's events and experiences to deepen fan engagement.
Speaking about the agreement, Mastercard's Chief
Marketing and Communications Officer, Raja Rajamannar, said: “We are
constantly exploring new ways to bring value to our customers and cardholders.
Racing has become one of the most exhilarating, universal passions globally,
and McLaren is synonymous with innovation and excitement.”
???? | BREAKING: McLaren Racing signs Mastercard as a major sponsor in a multi-year deal.Mastercard branding will appear later in the 2024 season. #F1 #Formula1 #BelgianGP pic.twitter.com/5HQFJQEnOy
— Desi Racing Co. (@DesiRacingco) July 24, 2024
As the 2024 Formula 1 season progresses, fans will see
Mastercard's branding on McLaren's cars and team gear. Mastercard mentioned
that the partnership is a strategic move to blend Mastercard's global reach
with McLaren's racing heritage. On X, McLaren has more than 4 million followers, while Mastercard has nearly 500,000 followers.
“Mastercard shares our absolute passion for
offering fans fantastic experiences. Their involvement will enhance our global
racing community and provide fans with unique opportunities to engage with the
team,” McLaren Racing's CEO, Zak Brown, said.
OKX and McLaren Racing
In March last year, crypto exchange OKX extended its partnership with McLaren Racing in a similar arrangement. The multi-year agreement was concluded in the previous year, although the terms were not disclosed. The deal saw the OKX logo featured on the car's sidepods, including in the Australian Grand Prix. Besides that, the OKX logo appeared on the suits of drivers Norris and Oscar Piastri.
Interestingly, McLaren Racing onboarded an executive from the financial market. Dylan Holman exited eToro to assume the role of Head
of Primary Partner at the British racing team. Holman left the Head of Global
Sponsorships role at eToro.
This article was written by Jared Kirui at www.financemagnates.com.
