Following the news that Cognizant will depart as a team title sponsor, Aston Martin’s new name for 2024 might look quite familiar.
Last week, it was confirmed that Aston Martin’s team entry name will change for 2024, away from the ‘Aston Martin Aramco Cognizant Formula One Team’ moniker that they have used for the past two seasons.
Aston Martin recently confirmed an extension to their deal with Cognizant, having signed the US-based business technology firm ahead of the team’s launch following their rebrand from Racing Point, but the new deal sees them take a step back from being a title sponsor.
New Aston Martin title sponsor on the way?
According to reports in Italian media, the change of Cognizant’s title sponsor agreement into that of a strategic partner has widened the door of opportunity for Saudi Arabian oil giant Aramco – already a co-title sponsor with Cognizant, to assume the full naming rights as they seek to expand their stake in the F1 team – as well as in parent company Aston Martin Lagonda.
Aramco is heavily involved in the research and development of sustainable fuels that currently power Formula 2 and Formula 3, as well as in the process of creating a zero-emission sustainable fuel that F1 will switch to in 2026.
As for Cognizant, they have opted to take a step back from being a title sponsor as a result of reaching the degree of visibility they had been hoping to achieve when they first signed with Aston Martin in 2021.
While Aston Martin and Cognizant will continue working together, they will not feature as part of the team’s entry name for 2024.
“Cognizant was our first title partner,” an Aston Martin team spokesperson told PlanetF1.com.
“They engaged with Aston Martin in order to build the reputation of their brand. Cognizant is a $35b company with 300,000 employees – but three years ago, it wasn’t a household name.
“Through the first phase of their partnership with us, they’ve achieved that – now, lots more people know who Cognizant are and what they do.
“This was always planned as phase two of that relationship – after achieving global brand awareness, they are deepening their partnership with us, they are applying their digital transformation to our business – both on and off the racetrack – and we are now building a deeper, broader relationship with them.
“The new team name will be confirmed in early 2024.”