The new name for AlphaTauri has been confirmed, with the Formula 1 team rebranding as “Visa Cash App RB” as part of a major new Red Bull partnership.
Visa is becoming a global partner of both Red Bull teams and as such will have branding on Red Bull alongside the title deal for Visa Cash App RB and support both F1 Academy entries. The rebranding is described as “Visa’s first new major global sports sponsorship in more than 15 years” and the new look for the team will be fully unveiled as part of an event in Las Vegas on February 8.
The Faenza-based team was known as Toro Rosso ever since Red Bull took it over in 2006, up until 2020 when it became AlphaTauri. Now looking to capitalize on the popularity of Formula 1, the title rights to the team have been sold in a deal that team CEO Peter Bayer says marks a push to be even more competitive.
“It’s fantastic to reveal the new identity and to welcome new partners as we embark on the next phase of the team’s Formula 1 story,” Bayer said. “Faenza is entering a new era of racing, staying true to our roots as a hothouse for talent but now with an even greater focus on competing for the biggest prizes in F1.
“We have a bold vision for the team lead by myself and team principal Laurent Mekies and having future-focused partners such as Visa and Cash App alongside us on that journey is hugely exciting.”
The multi-year agreement will see Visa cardholders provided with opportunities to get closer to the team, with Visa CMO Frank Cooper III saying F1 is a sport that offers brands a chance to tap into a heavily engaged fan base.
“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,” Cooper III said. “This alliance resonates strongly with Visa’s vision to inspire individuals to ‘make it,’ striving to take small steps for improvement each day, during every race or event.”
The head of brand at Cash App, Catherine Ferdon, is more specific on the pull of the American audience that has been growing when it comes to F1.
“We’re thrilled to embark on this journey with Visa and Red Bull,” Ferdon said. “The Visa Cash App RB team and Cash App are dedicated to connecting people and communities, and there’s no greater unifier than sports.
“With the continued growth of Formula 1 in the U.S., this sponsorship allows us to deepen our relationship with Formula 1 fans and furthers Cash App’s commitment to supporting and growing the culture of F1 fandom in the United States while offering more value to our customers. We have a history of elevating emerging talent and look forward to sponsoring a team known for developing incredible up-and-coming drivers.”
Visa Cash App RB will run Daniel Ricciardo and Yuki Tsunoda in 2024, with Liam Lawson a reserve driver for both Red Bull teams after a number of impressive substitute performances for the injured Ricciardo last season.