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SportPesa places a big bet on Formula One

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SportPesa is the newest title partner for Formula One team Racing Point, which has been rebranded to SportPesa Racing Point F1 Team, in a deal understood to be worth Ksh3.5 billion). The announcement, alongside unveiling of the team’s new car livery, was made during its pre-season launch held during the Canadian International Auto Show.

The multi-year deal will commence with immediate effect, with the team referred to as SportPesa Racing Point F1 Team for the duration of the partnership. The Racing Point cars will retain their pink colour, with BWT continuing as principal sponsor of the team, with the addition of blue SportPesa branding on the front and rear wings, and engine cover.

The deal is said to be $30 million(Ksh3.5 billion), with Sportpesa said to be paying $8 million for its first year followed by $10m in 2020 and a further $12m if they remain for 2021. This gives it a new revenue stream in addition to its traditional sports of football, rugby, volleyball, boxing, cricket, ice hockey, handball and tennis.

Otmar Szafnauer, Team Principal and CEO of SportPesa Racing Point F1 Team said SportPesa is a young, dynamic, growing company whose values align with its vision to compete at the very front of the grid. “The car looks stunning with the addition of blue to the already iconic pink livery,” said Mr Szafnauer, “which gives us a strong identity as we begin this exciting new era.”

This was the first ever Formula One team launch in Canada.  Present at the event were the two team drivers, Sergio Perez and Lance Stroll, along with the Team Principal, Otmar Szafnauer, and Technical Director, Andrew Green.

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“This partnership is very important to us because it diversifies us into new territories and allows us to reach new audiences across the globe,” said Mr Adam Beighton, a director of SportPesa. “Equally important is the platform it provides us which enables us to stay true to our mission; to build and develop grassroots and professional sport in the countries where we operate by bringing new opportunities to local communities.”

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BT Correspondent
BT Correspondenthttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
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