This is Where your Money Goes: Read About the Mega Sportpesa Deal with F1

Kenya’s and Africa’s largest sport betting firm, SportPesa on Wednesday signed a lucrative sponsorship deal with the UK based Formula 1 team, Racing Point, in a move that sees the team’s changed to SportPesa Racing Point.

The deal is rumored to amount to up to $30 million (equivalent to KES 3 billion). According to RaceFans, SportPesa is expected to pay $8 million for the 2019 season, $10 for the 2020 season and an option for a third season for $12 million.

The team is owned by the Canadian billionaire Lawrence Stroll, who took over Force India when it collapsed with financial problems last summer.

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Launching their new livery in Toronto on Wednesday, team principal Otmar Szafnauer said: “It is important we take a good step forward in 2019.

“We want to be fighting for podiums and aim for a strong top-four finish.”

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To mark its new title sponsorship with SportPesa, the company’s logo appears with blue and white branding on the front wing, engine cover and rear wing.

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Racing Point will race in a largely pink livery that reflects ongoing support from BWT, which started sponsoring the team in 2017 in its Force India days, with blue flashes.

“Racing Point is what we got to. I think it’s appropriate and thanks to our new title partner SportPesa they are part of the name too,” added Szafnauer.

“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.”

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Sportpesa’s company director Adam Beighton said “We are absolutely delighted to become part of the extended Formula 1 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.

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SportPesa has international partnerships with three Premier League football clubs Arsenal, Southampton and Everton. Locally, the company sponsors the Kenyan premier league, Gor Mahia, AFC Leopards, along with Simba and Yanga clubs in the Tanzanian league.

What’s your take on the deal?

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