With a $4.68 Billion Brand On-Board, Mercedes Strengthens its Commercial Diplomacy in F1

The realm of motorsports probably comprises some of the costliest sports that are out there. That being said, the show still goes on. Formula 1 has come out of the slump they had hit before the liberty media takeover. With that loss of audience now in the past, brands from every sector possible are making a beeline to enter the sport in one capacity or the other. More brands simply translate to more influx of cash in the sport. The latest team to announce a brand new partnership with a multi-billion dollar brand is the 8x champion team, Mercedes.

A leading global payments services provider, Nuvei, has joined hands with the Brackley outfit. The team that has just unveiled their new beast for 2023 revealed their new sponsor in the run-up before the big reveal. The FinTech company which is based in Canada will partner with the Silver Arrows beginning from the 2023 season itself. While the teams need bills to keep going, the $4.68 Billion worth brand has also found just the right match in one of the most popular teams of the sport. To add to that, they will be able to flaunt their brand name on the most famous and decorated driver, Lewis Hamilton‘s lid as well.

Welcoming the team onboard, Toto Wolff, in an official statement, said, “We’re thrilled to welcome Nuvei as a long-term partner in time for the start of the 2023 Formula One™ season. Nuvei has a reputation as a leader in its field with a global footprint.”

He further added, “It’s dedication to performance excellence through innovation aligns with our values, so we’re looking forward to a successful period working closely together as we share the Nuvei brand with our global audience and find more similarities between our approaches to success.”

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The Nuvei branding will make its appearance on the racing gear, including helmets, of the Mercedes driver duo, Lewis Hamilton and George Russell.

The Mercedes CCO echoed Toto Wolff’s emotions

The new sponsor’s branding has made its debut during the Mercedes launch event. While people couldn’t wait for the unveiling of the new car of the champion team, the top management chimed in to say a few words of acknowledgment about the new members of the Silver Arrows crew.

Mercedes CCO, Richard Sanders, reiterated the TP, Wolff’s emotions. He said, “We are delighted to announce our new partnership with Nuvei ahead of the start of the season and welcome them into our partner ecosystem.”

Highlighting the illustrious legacy of their new sponsors, Sanders added, “Fintech is a burgeoning industry and it’s exciting to be able to partner with one of the leading payment technology companies in this space. Our shared values provide the platform on which we are excited to build a successful, long-term partnership.”

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A new season, a new sponsor, and a new black car. What do you think the Mercedes team can do in 2023?