Spirits brand NEFT Vodka has tapped sports marketing agency Right Formula to activate its official partnership with Visa Cash App RB, the Formula 1 (F1) motor racing team formerly known as Scuderia AlphaTauri.
This marks a multi-year extension of NEFT's 2023 deal with Right Formula, which will entail Right Formula aiming to extend the vodka brand’s global exposure as well as overseeing the overall management of the partnership.
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Starting with the upcoming 2024 F1 season, NEFT will be able to utilize Right Formula’s marketing services, including content creation, communications, social and digital strategy, event management, hospitality, and fan engagement services.
The original deal was launched at the inaugural 2023 Las Vegas Grand Prix where Right Formula delivered exclusive experiences for guests, team members, and race fans, whilst realizing global press coverage and real-time social media content for the brand.
Robin Fenwick, chief executive and founder of Right Formula, said: “We are seeing a new wave of brands enter Formula 1, particularly in the consumer sector.
“NEFT is a particularly ambitious and courageous brand, as we look forward to helping them grow their business and expand their customer base on a global scale through activating its partnership with Visa Cash App RB.
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By GlobalData“I am also proud to see our Formula 1 portfolio continue to expand as we partner with businesses of varying scale and who see the opportunities in the sport through different lenses. Working with brands like NEFT allows us to continually demonstrate the adaptability of the Right Formula team and how we showcase the value of sports marketing in a new way.”
Jeff Mahony, chief executive of NEFT added: “Right Formula has an impressive history and client portfolio in Formula 1, which made it an easy choice when selecting them over other agencies to elevate our partnership with Visa Cash App RB.
“It was immediately clear to me that the team at Right Formula shares the same entrepreneurial values that I distill across the NEFT business. For that reason, I look forward to seeing Right Formula realize NEFT’s vision and drive sales for us across the globe during the 2024 F1 season and beyond.”
Scuderia AlphaTauri’s renaming to Visa Cash App RB ahead of the 2024 campaign came through a wider multi-year tie-up between the hugely successful Red Bull Racing organization, which owns two F1 outfits, and international credit card giant Visa.
Visa will become the first global partner of both Red Bull teams, with a joint release stating this is the brand’s “first new major global sports sponsorship” in over 15 years. In addition to naming rights covering the team, Visa will also have brand visibility across the main Red Bull team, which has Oracle as a title sponsor.
Before 2020, the name was Toro Rosso, the Italian translation of Red Bull.
Reports first indicated that there would be a name change for the 2024 season – which will get underway on March 2 in Bahrain – in June last year. Other contenders for title sponsorship rights reportedly included JPMorgan and Hugo Boss.
Meanwhile, the Visa Cash App RB team has today extended its sponsorship deal with XMTrading for another season.
Under the renewal, the firm will continue to serve as the official FX trading partner of the F1 outfit in the upcoming 2024 campaign.
The two parties will again collaborate on fan and partner activations, while the XMTrading logo will feature on the Visa Cash App RB's new car livery.
The company's branding will also be on the race suits of drivers Yuki Tsunoda and Daniel Ricciardo and on the race team’s kit.
