SportPesa has been announced as the new title partner for Formula One team Racing Point, becoming the first betting brand to enter F1 following the lifting of a ban on gambling-related sponsorship in the motorsport series.
The multi-year agreement will come into force with immediate effect, with the team to now be known as SportPesa Racing Point.
The announcement was made during the team’s pre-season launch event in Toronto, at the Canadian International Auto Show. Racing Point had previously been known as Force India, before it fell into administration last summer.
SportPesa's entry into motorsport comes after Interregional Sports Group (ISG) signed a landmark deal to sublicense F1 betting partnership rights in September last year.
News of the title partnership followed the unveiling of the team’s new car livery for the 2019 season - an event attended by team drivers Sergio Perez and Lance Stroll.
Under the new title partnership, the Racing Point cars will retain their pink colour, with water technology firm BWT continuing as principal sponsor of the team.
The blue SportPesa branding will feature on the front and rear wings, as well engine cover.
Otmar Szafnauer, Team Principal and CEO of SportPesa Racing Point F1 team, who was also present at the launch, said: “SportPesa is a young, dynamic, growing company whose values align with our own vision to become a team capable of competing at the very front of the grid.
“We are excited to have such an ambitious partner on board to help us deliver our team mission and look forward to working with them to bring the sport of Formula One closer to fans around the world.”
Adam Beighton, SportPesa Company Director, added: “We are absolutely delighted to become part of the extended Formula One family.
“This partnership is very important to us because it diversifies us into new territories and allows us to reach new audiences across the globe.
“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.”
This week’s launch also saw the SportPesa Racing Point team announce a new multi-year partnership with global construction company JCB.
As a result, JCB branding will also appear on both cars and race suits of the team’s drivers.
JCB will provide machines to help in the construction of the team’s new state-of-the-art factory, as well as power tools and workwear for the team away from the track.
Commenting on the partnership, JCB Chairman Lord Anthony Bamford, said: “The popularity of Formula One gives JCB an excellent platform to promote our products on the international stage to both new and existing customers.
“We see great synergy with the Racing Point team; we both have a passion for pushing the boundaries of new technology and an ambition to succeed.”
The F1 action on the track gets underway in Australia in March and this week saw Williams Racing also announce a new multi-year partnership with global telecommunications company ROKiT, to become ROKiT Williams Racing.
F1 rivals McLaren Racing also announced a global partnership with British American Tobacco (BAT).