Renault F1 has signed a title sponsorship deal with the Dubai-based logistics company DP World which will see the team called the Renault DP World Formula 1 Team from this season.
Renault has been the team’s sole naming sponsor since the carmaker took back control of the Lotus F1 team at the end of 2015.
The team finished a distant fifth in the Constructors’ Championship last season and requires further investment to achieve Renault’s long-term aim of winning the constructors’ championship.
Renault won both the drivers’ and constructors’ championships in 2005 and 2006 under the Renault F1 Team banner but has failed to trouble the top three in recent seasons.
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Along with the estimated eight-figure title-rights fee per year, as the team’s Global Logistics Partner, DP World will work with Renault Sport Racing and Groupe Renault to leverage the F1 global marketing platform and increase the efficiency of their collective supply chain.
Jérôme Stoll, chairman of Renault Sport Racing, stressed the deal’s importance in the context of Formula 1’s ambition to become fully carbon neutral by 2030.
“We are constantly evaluating ways to reduce our carbon footprint and our turnaround time,” Stoll said. “We expect that working with DP World will reveal opportunities for tangible solutions to some of the logistical challenges faced by our F1 team’s supply chain and by extension, the automotive industry at a larger scale. We also look forward to cross-fertilising our engineering skills through shared innovation.”
Sultan Ahmed Bin Sulayem, group chairman and chief executive officer of DP World, said the development of innovative logistics solutions for the automotive sector is one of the group’s strategic objectives.
“This partnership is a first step in the exploration of ways to make the global automotive supply chain more efficient by lowering costs, increasing speed and transparency, and mitigating the environmental impact,” he said.
“In addition to the unquestionable value of the marketing platform, Formula 1 is the most technologically intensive sport in the world, incorporating the advanced usage of data to create ever-increasing efficiency on the track. So too, DP World leverages technology, exploits data and embraces innovation to enable more efficient logistics and smarter trade for its customers, creating a better future for all.”
DP World describes itself as a “leading provider of global supply chain solutions for cargo owners”. It was founded in in 1972 and now runs a network of 127 business units – ports, parks, logistics, economic zones and marine services – in 51 countries.
The brand’s presence in sports sponsorship has previously been most visible in golf where it is title sponsor of the European Tour’s end-of-season Race to Dubai finale the DP World Tour Championship. The current five-year deal ends after this year’s tournament in November.
DP World is also an official trade partner of the European Tour and supports additional European Tour golf tournaments as Premier Partner of the Honma Hong Kong Open, Official Sponsor of the Hero Indian Open and Partner of the BMW PGA Championship. DP World is a partner of its domestic golf federation – the Emirates Golf Association.