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Tuesday, March 21, 2023

Formula E: McLaren Racing Pens £60m Deal with Saudi Firm NEOM

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McLaren Racing has signed a five-year sponsorship deal with Saudi Arabian city development project NEOM. The deal is worth between £10m and £12m annually.

The deal is focused on McLaren’s newly-formed Formula E and Extreme E teams, with NEOM acquiring the title sponsorship rights to both teams.

The two teams will now operate under the NEOM McLaren Electric Racing banner, with the teams known as NEOM McLaren Formula E team and NEOM McLaren Extreme E respectively.

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As announced earlier this year McLaren Racing will be competing in Formula E for the first time in 2023, while this year represents its first in Extreme E.

Its launch in Formula E followed the acquisition of the Mercedes Formula EQ team, which had signed a five-year ‘Principal Partner’ agreement with NEOM in March 2020.

As part of the NEOM agreement, McLaren will link up with OXAGON, a coastal city within NEOM. McLaren will become a ‘Founding Partner’ of the city’s Research and Innovation Campus, as well as taking up the position of a technical partner of its manufacturing eco-system.

In this role, McLaren will be providing its ‘Accelerator’ programme, which looks to provide performance-related data to drive improvement in the culture and thinking of organisations the team is working with.

In addition, select candidates from Saudi Arabia will be allowed to undertake a one-year placement with McLaren Racing as part of the NEOM Graduate Opportunities in Work Programme.

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