BAKU, Azerbaijan, January 30. Red Bull's Formula One team and Visa (NYSE: V) today announced an unprecedented multi-year agreement that will see Visa become the first global partner of both Red Bull teams and add a new team to the Formula One roster - Visa Cash App RB, formerly known as Scuderia Alpha Tauri, Trend reports.
According to Visa, the agreement is Visa's first major global sports sponsorship in more than 15 years.
"It includes support for the Visa Cash App RB team, as well as a corresponding title partnership with the women's F1 Academy team and the Oracle Red Bull Racing team. The Visa logo will appear on the cars of both Oracle Red Bull Racing and Visa Cash App RB, as well as on the respective teams' appearances at the F1 Academy," Visa noted.
Commenting on the agreement, Visa Chief Marketing Officer Frank Cooper noted that 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.
"Our partnership with Red Bull aligns with the goal of Visa to inspire people to not be afraid to do something, to improve in small steps every day, during every race or event," he said.
To note, the Red Bull team in "Formula 1" has participated in more than 350 races and has been a regular and key participant in racing competitions since 2006. Founded as Scuderia Toro Rosso, the team gave a successful start to the careers of high-class pilots who won races and world championships in "Formula 1" and other competitions. The success continued after the team rebranded as Scuderia in 2020 and won the Italian Grand Prix in its inaugural season. The Visa Cash App RB team now, reborn with a new mission to fight for the sport's biggest honors, begins a new era of competition as a leader in the racing sport.
Meanwhile, Visa (NYSE: V) is a global leader in the electronic payments industry. Visa processes payment transactions between consumers, businesses, and financial and government institutions in more than 200 countries. Its mission is to unite the world through an innovative, convenient, reliable, and secure payment network to promote consumer well-being and business and economic prosperity.
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