Visa will become a global partner to both Red Bull Formula 1 teams on a multi-year deal, with AlphaTauri rebranding to become Visa Cash App RB from 2024.
Visa Cash App RB will unveil its full look, including its 2024 car livery, with a special launch event in Las Vegas on February 8.
It is the latest name for a team that existed as Minardi from 1985 to 2005 before transitioning to Toro Rosso following its acquisition by Red Bull.
A rebrand was undertaken ahead of 2020, to promote Red Bull’s fashion label AlphaTauri, but after four years the operation will evolve into Visa Cash App RB.
Visa’s logo will appear on both the Red Bull Racing and Visa Cash App RB Formula 1 cars, and both F1 Academy cars will be supported by the company.
It is Visa’s first new major sports sponsorship deal in 15 years.
“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,” said Peter Bayer, Chief Executive Officer of Visa Cash App RB team.
“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 team underwent an extensive review following the death of Red Bull co-founder Dietrich Mateschitz in late 2022, with new management opting to forge closer ties with Red Bull.
Visa Cash App RB is in the process of relocating some of its UK-based facilities closer to Red Bull Racing, in Milton Keynes, in order to strengthen its connection.
Bayer joined the team as its new CEO mid-2023 while Mekies took up his role as its new Team Principal at the start of January, replacing Franz Tost.
Visa Cash App RB, which finished eighth in last year’s championship as AlphaTauri, will field Daniel Ricciardo and Yuki Tsunoda as its driver line-up.
