PETRONAS denies splitting with Mercedes as title sponsor for F1 team

PETRONAS has denied parting ways with Mercedes-Benz as the title sponsor for the Mercedes-AMG F1 team. The company told A+M in a statement that both parties extended their partnership for another multi-year cycle last year, and it is proud to continue working together to deliver cutting-edge performance. PETRONAS and Mercedes have been partners since 2010.

This comes shortly after PETRONAS was recently alleged to be wrapping up its title sponsorship agreement with the Mercedes-AMG F1 team, The Edge Markets reported, quoting motorsport website Decalspotters. In turn, Saudi Aramco was reported to be coming on board as the team's title sponsor, with the partnership to officially kickstart next year, Decalspotters said. Meanwhile, Mercedes has also denied that it is parting ways with PETRONAS, according to The Edge Markets. Saudi Aramco declined to comment.

PETRONAS has been the title and technical sponsor for the F1 team since 2010. The Mercedes-AMG F1 has since won several Constructor's and Drivers' Championships. Meanwhile, the F1 team entered into a long-term relationship with global cryptocurrency exchange, FTX Trading, with the relationship spanning multiple race seasons with the FTX logo being featured prominently on both the cars and the drivers. Part of the FTX branding was unveiled during the upcoming Russian Grand Prix.

In addition to the branding on both the car and team drivers, as a team partner, the FTX logo will also be featured on the team’s fleet of Mercedes-Benz trucks, in the garage, and on all partner logo displays in the trackside hospitality and communications facilities. FTX will also have access to Mercedes-AMG Petronas F1 team members, including drivers Lewis Hamilton and Valtteri Bottas to further expand the reach of the FTX brand to F1’s global fan base through marketing initiatives. In addition to being a team partner, FTX and Mercedes F1 will also look to embark on other strategic initiatives together such as the integration of FTX Pay, an NFT collection, and corporate social responsibility initiatives which will be announced and rolled out at a later date.

Toto Wolff, team principal and CEO of Mercedes-AMG PETRONAS F1 Team, said FTX's innovative spirit and creative energy in such a rapidly developing global industry make them a well-matched partner in the team's own relentless pursuit of performance. "Together we look forward to creating new and exciting opportunities to engage with our fans and deliver world-class experiences for them," he added.

Separately, Mercedes named Omnicom Group to handle global marketing communications duties last month following a six-month selection process. The appointment takes effect from January 2022 under the name "Team X". Team X will be tasked primarily with the further development of digital and data-based media, as well as brand and performance marketing activities, which assure the customer-centric approach to all target groups along the customer journey - online and offline. The team will also have cross-divisional responsibility for a large number of Mercedes-Benz business units in more than 40 markets worldwide. A long-term partnership is planned.

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