F1 Rumor: This Is How Much Ferrari's New Title Sponsor Is Worth to the Team

Ferrari’s new title sponsorship deal with HP is rumored to cover about 66% of the team’s budget cap.

Ferrari has embarked on a groundbreaking sponsorship deal with HP, rebranding as Scuderia Ferrari HP starting at the Miami Grand Prix. This strategic alliance, as rumored, is poised to cover a substantial portion of Ferrari’s budget cap requirements.

Ferrari has announced a comprehensive partnership with global technology leader HP. The collaboration, set to commence from the upcoming Miami Grand Prix, not only rebrands the iconic racing team to Scuderia Ferrari HP but also serves as a monumental influx of cash to the team, as rumored by F1's Will Buxton.

A huge deal for Ferrari, with my understanding that its financial value will cover 2/3 (66%) of the budget cap per annum. A massive partnership. Seeing that logo brings back some great early 2000s F1 memories. Would love to see it inspire some NART style blue and white liveries… https://t.co/SNokZhbijq

— Will Buxton (@wbuxtonofficial) April 24, 2024

Ferrari's CEO, Benedetto Vigna, said:

"Our founder transmitted to us his continuous desire for progress. From there comes our desire to innovate on the road and on the track, as well as our commitment to a sustainable future from carbon neutrality to educating the younger generations," said Benedetto Vigna.

Enrique Lores, Director of HP, added:

"With technology, performance and exceptional craftsmanship fueling the future, the partnership between HP and Ferrari is a natural fit. Both brands are built on rich stories that have stood the test of time. Through this unique collaboration, we also have the opportunity to reach new audiences, drive business growth and create lasting impact for our common customers and communities," stated Enrique Lores.

Beyond mere financial implications, the partnership is set to visibly alter Ferrari’s branding across various platforms. HP’s logos will gain prominent placements, including on the race suits of drivers Carlos Sainz and Charles Leclerc, as well as on the attire of mechanics, engineers, and even the team's eSports and F1 Academy outfits. Such extensive branding integration reflects the depth of the collaboration between the Italian team and HP.

This partnership arrives at a crucial time when F1 teams are closely managing resources within the stipulated budget cap of $135 million annually (currently set at this value up to 2025). Renowned F1 presenter Will Buxton highlights the economic significance of the deal, suggesting that the sponsorship could finance two-thirds of Ferrari's annual budget cap.

He posted to X (formerly Twitter):

"A huge deal for Ferrari, with my understanding that its financial value will cover 2/3 (66%) of the budget cap per annum.

"A massive partnership. Seeing that logo brings back some great early 2000s F1 memories. Would love to see it inspire some NART style blue and white liveries for North American races," he said.

According to Sport Business, the deal with HP is worth close to Red Bull’s Oracle title sponsorship deal - a reported $90 million per year. If this is true, this won't only help them afford Lewis Hamilton, who climbs into a Scuderia seat for 2025, but also help in their fight to gain on the Red Bulls at the front of the grid.