CAA Sports, an arm of prominent sports and entertainment agency Creative Artists Agency, has been retained as the exclusive sponsorship agency of Formula 1 team Red Bull Racing Honda.
Today’s announcement extends the global relationship between the two organisations that dates back to 2014, with CAA Sports having helped the UK-based, Austria-backed team land partnerships with major brands including Exxon Mobil, TAG Heuer, Oracle, Citrix and Cash App.
The agency will continue to help secure new sponsors for the team, with the USA being a strategic priority.
This has been emphasised by increased viewership and exposure for Formula 1, in part through the ‘Drive to Survive’ series on Netflix, and the addition of the Miami Grand Prix to the Formula 1 calendar in 2022.
US brands increased their sponsorship of the series by almost 50 per cent to $118.5 million in 2019, according to Forbes, and of Red Bull’s nine new partners in 2021, five are headquartered in the country.
Red Bull points out that it is the only Formula 1 team with three sponsors from the Fortune 500 Top 20 in the shape of Walmart, AT&T and ExxonMobil.
Moreover, the reappointment of CAA Sports comes with the team enjoying considerable success on the track as it seeks to end the recent dominance of Mercedes and Lewis Hamilton. It is currently top of the constructors’ championship and its driver Max Verstappen is top of the drivers’ championship.
Red Bull Racing team principal Christian Horner said on Tuesday: “Formula 1 has recently seen a huge growth in popularity in the US and our partnership with CAA Sports has helped the team capitalise on that interest by securing a range of market-leading partnerships.
“With the US Grand Prix in Austin already a popular fixture on the calendar and with the Miami Grand Prix on the horizon for 2022, we’re looking forward to reaching even more fans and partners in the coming years together with CAA who will be integral in helping us realise that target.”
Paul Danforth, president of CAA Sports, added: “There has been a tremendous uptick in interest in Formula 1 in the US, largely among 16-to-25-year-old audiences, an incredibly important demographic for brands. We are proud to continue our longstanding relationship with Red Bull Racing Honda, one of the most exciting rights holders in the world, and look forward to creating opportunities for brands in the US and globally to be part of the team’s culture and success.”