Sportspesa to spend Shs 3 Billion to sponsor Formula One

The deal which will be title sponsorship arrangement and the cars will carry Sportspesa branding


Kenya leading sports betting firm Sportspesa has clinched a major sponsorship deal with Racing Point, a Formula One Team.

Sportspesa and Racing Point, previously known as Force India, have agreed to a two-year sponsorship deal ahead of the 2019 Formula 1 season.

The deal which will be title sponsorship arrangement and the cars will carry Sportspesa branding.

Sportspesa will be paying $8 million (Shs 800 million) for the first year followed by $ 10 million (Shs 1 billion) in 2010 and a further $12m (Shs 1.2 Billion) if they remain for 2021.

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According to RaceFans, Racing Point agreed to the two-year contract with an option for another additional season.

Racing Point is set to unveil and officially announce the new sponsor at its season launch show at the Toronto Motor Show on February 13.

The F1 news outlet also revealed the deal will be a title sponsorship arrangement, and that terms in the contract have already been agreed that are well below the market rate for the level of exposure that the betting company will be receiving on Racing Point's cars.

For the 2019 season, Racing Point will be fielding Lance Stroll an Sergio Perez.