LONDON: The Red Bull Racing Formula 1 team has announced technology major Oracle as its new title sponsor in a five-year agreement worth a reported $500 million.
Red Bull Racing, while introducing its new team name as Oracle Red Bull Racing, also unveiled the team’s new car for the upcoming season - the RB18.
While financial details were not disclosed, The Associated Press reported that the five-year title sponsorship was worth around $100 million a year, placing it among the most lucrative commercial deals in sports.
