OKX Hopes Sponsorship Agreement With McLaren And Manchester City Continues

JAKARTA - OKX, a leading crypto exchange, plans to keep its sponsorship deal with McLaren's Formula 1 team and European Champions League champions Manchester City for a decade.

In an interview with The Block, OKX's Head of Global Marketing, Haider Rafique, revealed that they have a five-year contract with McLaren and hope to extend it to ten years.

The crypto company recently unveiled a new design for McLaren racing cars with a striking OKX logo ahead of the Singapore Grand Prix. The design will be used on McLaren MCL60 F1 cars at several Grand Prixs including Singapore and Japan in 2023. The design will also be available in the form of limited edition t-shirts and prizes for 2049 web3 token conference participants in Singapore.

This sponsorship deal is a huge commitment from OKX, with their annual ad budget reaching $25 million (Rp384 billion) to $50 million (Rp768 billion). Rafique revealed that this figure varies and that they allocated an additional $6 million (Rp76 billion) to $7 million (Rp107 billion) for a deal with McLaren this year.

McLaren Racing CEO Zak Brown welcomed the partnership and described it as a form of strong support for McLaren's team.

"Our partnership with OKX is getting stronger, and it's great to celebrate with this extraordinary pattern. Stealth Mode is changing the color of our racing car, bringing something interesting and different to two great races in Singapore and Japan. [...] OKX is a loyal supporter of McLaren's journey, and in turn we are proud to be able to realize our partnership on the race track through the global platform Formula 1," said Zak Brown, CEO of McLaren Racing.

Although the sponsorship agreement between crypto companies and sports teams is often faced with regulatory challenges and budgeting issues, OKX is determined to keep this partnership strong.