Formula 1 Rumor: Ferrari to announce HP as team title sponsor

According to Matthew Williams of Sports Business Journal, “Formula 1’s Scuderia Ferrari is set to announce Hewlett-Packard (HP) as its new title sponsor. …

Sources say the HP deal’s annual value is comparable to Red Bull Racing’s title sponsorship deal with technology company Oracle.”

Ferrari’s deal with HP will help the team afford the salary of seven-time world champion Lewis Hamilton, who will replace Carlos Sainz Jr at the beginning of next season. Driver salaries do not count against Formula 1’s ‘cost cap’, allowing teams an unlimited spend on star acquisitions.

HP has a history in F1, having sponsored Williams Racing from 2000 to 2005. It also held an agreement with the Sauber-owned team almost a decade ago.

HPE also has a presence in F1 via deals with Mercedes and the Sauber-owned outfit known as the Stake F1 team.

In 2017, HPE announced the spin-off of its Enterprise Service segment, and its subsequent merger with Computer Sciences Corporation to become DXC Technology. Notably, DXC Technology is a current sponsor of Scuderia Ferrari as part of a multi-year contract which began in May 2023.

Ferrari has not had a title sponsor since the ‘Mission Winnow’ project involving ongoing but behind-the-scenes tobacco backer Philip Morris.

Ferrari and HP are yet to comment.