Reports surfaced on Tuesday that Ferrari was set to announce a new title sponsor, with Hewlett-Packard joining forces with the legendary organization.
Ferrari confirmed that arrangement on Wednesday, announcing that Hewlett-Packard would be the team’s new title sponsor, beginning with next weekend’s Miami Grand Prix.
The team announced the move on social media Wednesday morning with this video:
It all starts in the garage, where we dare to dream and achieve. Today, @HP and @ScuderiaFerrari announce their historic title partnership.
We are thrilled to embark on a journey to empower people through technology and innovation and create meaningful connections worldwide … pic.twitter.com/X2b0GfiNrk
— Scuderia Ferrari HP (@ScuderiaFerrari) April 24, 2024
As noted by F1 journalist Chris Medland, the team will carry the name Scuderia Ferrari HP going forward:
Ferrari confirms its title partnership with HP, and will carry the logo and the name Scuderia Ferrari HP from the Miami Grand Prix onwards #F1
— Chris Medland (@ChrisMedlandF1) April 24, 2024
According to SportBusiness, who first reported on the potential deal Tuesday, the sponsorship is on par with the title sponsorship relationship between Red Bull and Oracle, which at the moment is the most lucrative in the sport. “Sources say the deal’s annual value is comparable to Red Bull Racing’s title sponsorship deal with technology company Oracle, which is currently the most valuable of its kind in F1,” wrote Matthew Williams in SportBusiness.
Ferrari heads to next weekend’s Miami Grand Prix sitting second in the Constructors’ Standings, 44 points behind Red Bull and 55 points clear of third-place McLaren. The hope might be that this sponsorship deal will help Ferrari close that gap even further to Red Bull at the front.
As well as help cover the costs associated with bringing Lewis Hamilton into the fold next season.