Title sponsorships are the order of the day! Teams like Ferrari and Williams have already succumbed to such partnerships. These iconic brands are now known as Scuderia Ferrari HP and Atlassian Williams Racing. And what about Oracle Red Bull Racing? Associating your name with a billion-dollar company does bring in a substantial amount of sponsorship money. Even the GP of Monaco is no longer sacred; for the first time in history, the event has found a title sponsor.
The Formula 1 TAG Heuer Grand Prix de Monaco. It doesn’t exactly roll off the tongue, but this is now the official title of ‘the crown jewel’. The collaboration has everything to do with the partnership with luxury conglomerate LVMH, the new main sponsor of Formula 1. Watchmaker TAG Heuer is part of the French billion-dollar company. The logos have been on the crash barriers of the street circuit for years, but now the TAG Heuer name is inextricably linked to the GP of Monaco. Fans of the event reacted indignantly, but in Formula 1, commerce always wins.
Year of the Title Sponsor
“This is truly a fantastic moment in the history of Formula 1,” responded Stefano Domenicali, CEO of the sport. “TAG Heuer is the perfect partner: they already have close ties with Monaco, but now they can further combine their passion, creativity, and exceptional style with this iconic event.”
The various Formula 1 teams cannot be left behind either. To cover costs, they are overwhelmingly choosing title sponsors. With the growing popularity of the sport, billion-dollar companies are lining up to associate themselves with a team. With the new partnership between tech company Atlassian and Williams, almost all teams have sold their name. Only McLaren, which has attracted a lot of small sponsors in recent years, is sticking with McLaren for now. It’s just easier that way.
