Although not mentioned in today's announcement, the Faenza team is also using the acronym VCARB, and it is understood that it may be revealed as the RB chassis type designation at some point, with a final decision yet to be made.
As reported last week, the proposed Racing Bulls team name, which was in the frame at one point, was not used.
Visa is the first global sponsor of both Red Bull-owned teams and therefore the logo will also appear on the RB20s of Max Verstappen and Sergio Perez, as well as on both teams' F1 Academy entries.
The deal represents Visa's first major new sponsorship deal in 15 years, while Cash App had a previous investment in Red Bull, announced in 2021.
The Italian team formerly known as Minardi and Toro Rosso is saying goodbye to the AlphaTauri branding it has used for the past four seasons after the end of its sponsorship deal with the clothing company.
Today's announcement only revealed the new name, title sponsors and logo. Next month's event in Las Vegas will reveal the car's livery and the overalls that Daniel Ricciardo and Yuki Tsunoda will wear.
“It’s fantastic to unveil the new identity and welcome new partners as we enter the next phase of the team’s F1 story,” said CEO Peter Bayer.
“Faenza is entering a new era of racing and remains true to its roots as a talent factory, but is now even more focused on fighting for the biggest prizes in Formula 1.”
“We have a bold vision for the team led by myself and team principal Laurent Mekies and it is extremely exciting to have forward-thinking partners like Visa and Cash App alongside us on this journey.”
Visa's parallel involvement with Red Bull's main team is an indication of the scale of the deal, as well as closer collaboration between the sister organizations on the commercial side.
“The birth of Visa Cash App RB is an extremely significant moment,” said Oliver Hughes, Chief Marketing Officer of Red Bull Technology.
“The new identity is not just a name change, it is the start of an exciting new journey designed to take the team to a new level of competitiveness and is reflected in the presence of one of the world's most recognized brands as the team's title partner.
“The team’s new identity as Visa Cash App RB points to a future where the team storms to the top of the grid every weekend.”
The two sponsors were introduced to each other by AlphaTauri at last year's Las Vegas GP and have been working closely together ever since.
They are committed to “offering cardholders the opportunity to be closer to the action through team activities, including behind-the-scenes access, driver greetings, merchandise and fine-dining hospitality at races.”
The F1 Academy's involvement is seen as an important part of the deal and the drivers will be part of the launch in Las Vegas.
“This is a groundbreaking partnership and a great opportunity for the Visa brand to engage one of the fastest-growing sports communities in the world,” said Frank Cooper III, Visa Chief Marketing Officer.
“This alliance aligns with Visa’s vision to inspire people to make it and strive to take small steps toward improvement every day, at every race or event.”
“The Visa Cash App RB team and Cash App are dedicated to connecting people and communities, and there is no greater unifying factor than sports,” said Cash App Brand Chief Catherine Ferdon.
“As Formula 1 continues to grow in the United States, this sponsorship allows us to deepen our relationships with Formula 1 fans and further extend Cash App's commitment to supporting and growing the culture of Formula 1 fans in the United States strengthen and at the same time offer our customers added value.”
“We have a long history of supporting emerging talent and look forward to sponsoring a team known for producing incredible young riders.”
Photo by: Davide Cavazza
Yuki Tsunoda, AlphaTauri
Meanwhile, the team completed its final track run under its former name on Tuesday as Tsunoda began a three-day session at Imola with the AT02. The regulations now allow the use of 2022 F1 machines – the first to be built under the current high-downforce regulations. They will be used for private testing of earlier cars.
The Imola test is essentially an opportunity for the drivers to shake off some rust, with Ricciardo set to take charge for the second day and a half on Wednesday afternoon.