The Red Bull Formula One team has secured a new title sponsorship worth around $500 million with technology firm Oracle, placing it among the most lucrative commercial deals in sports.
The five-year deal is a lift to the team ahead of the season beginning next month when Max Verstappen will be looking to defend his world title in a new Oracle Red Bull Racing car that was also revealed on Wednesday.
Financial details were not disclosed but a person familiar with the deal told The Associated Press it was worth around $100m a year. The person spoke on condition of anonymity to discuss confidential terms.