The Formula 1 team, Alfa Romeo has announced that the team is all set to conclude its title sponsorship deal with Sauber after the 2023 season when the current arrangement expires.
Back in 2018, the renowned Italian marque made its comeback to Formula 1. The team signed a technical and commercial partnership and declared a multi-year renewal with yearly evaluations in the summer of 2021.
Given the impressive outcomes of the first half of the season, both in regards to results, brand building, and optimistic partnership with the team, Alfa Romeo decided to extend until the end of 2023.
However, ahead of the Belgian Grand Prix, with roughly a season and a half left on the existing arrangement, Alfa Romeo decided to call it off with Sauber.
“Since the economic and industrial turnaround of the brand will be achieved in 2022, Alfa Romeo will now evaluate among the many opportunities on the table, and decide which will be the best one to sustain the long-term strategy and the positioning of the Brand,” Alfa Romeo said in a statement.
Lawrence Barretto, F1 Correspondent, commented, “The Alfa Romeo association has been very useful for the F1 team’s brand and the financial support helps to boost performance, while the Italian marque are happy with the benefits it has brought the automotive company.
“It’s never great to lose a title sponsor, especially one whose name resonates so much with motorsport and the automotive sector and not least because it means that a funding stream has been removed. However, I understand that Sauber-run team are confident about their short- and medium-term future, with more details on their plans to be revealed when there is something to say.”
Alfa Romeo, which fields Valtteri Bottas and Zhou Guanyu, is presently sixth in the constructors’ championship with 51 points.