Red Bull have been dealt a significant financial blow ahead of the 2025 Formula 1 season, with cryptocurrency exchange Bybit ending their £119m sponsorship deal with the team.
The partnership, which began after Max Verstappen's 2021 championship victory, was one of the Milton Keynes-based team's biggest financial arrangements.
The loss comes at a crucial time for Red Bull, who are looking to bounce back after dropping to third place in the 2024 constructors' championship behind Ferrari and McLaren.
Red Bull's decline in performance has already impacted their commercial appeal, while their rivals have capitalised on their success.
Christian Horner has seen Red Bull drop to third place in the 2024 constructors' championship
Reuters
Ferrari secured a major title sponsorship with Hewlett-Packard following their improved form in 2024.
McLaren, who also finished ahead of Red Bull, strengthened their commercial portfolio by adding Mastercard and Ecolab as sponsors, whilst extending their partnership with Google.
The team's struggles were largely attributed to Sergio Perez's poor form, particularly in the second half of the season.
Christian Horner has acknowledged the need to address Max Verstappen's concerns about the RB20's handling characteristics for the upcoming season.
"We've got a good understanding of where things weren't [good]," Horner said, explaining that an upgrade around Imola made the car "far more peaky in its performance."
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The Red Bull team principal revealed his engineers are now focused on creating a more user-friendly car with a broader operating window, rather than pursuing ultimate performance.
The current car became "problematic to drive" when operating outside its narrow performance window, particularly affecting Perez's results.
Verstappen himself has taken a pragmatic view of the challenges ahead, acknowledging the team's underdog status for 2025.
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Max Verstappen still has concerns at Red Bull
Reuters
"I am not expecting us to go into next season as the favourite, but that's a good challenge, I like it," the Dutch champion stated.
He views it as a potential wake-up call for the team, adding: "It is a nice challenge to try and be back on top, because I think we're still not quick, but we are getting there."
The four-time world champion believes the winter period will be crucial for development.
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Max Verstappen won his fourth world title last season
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Horner remains confident about retaining his star driver, emphasising the trust between Verstappen and the team.
"It's down to us to deliver and I'm sure that we'll provide him a car that he can fight again for the championship next year," said the team principal.
He acknowledged the challenge ahead but remained optimistic: "I don't think it's going to be easy, but it won't be easy for any of the teams.
" And I think there's a lot of lessons that we've taken out of this year."
