Racing Point team principal, Otmar Szafnauer, has said that ex-title sponsors SportPesa left due to “some difficulties in their home market”.
Racing Point entered into a multi-year agreement with SportPesa ahead of the 2019 season with the bookmaker becoming title sponsors of the team.
But that deal has been terminated after just one season, while SportPesa’s major sponsorship deal with Premier League team Everton will also finish at the end of current campaign.
On Monday, Racing Point revealed a new title sponsorship with another major partner in BWT at their 2020 season launch show in Austria.
After the livery reveal, Szafnauer was asked about the exit of SportPesa.
“They had some difficulties in their home market,” he told Motorsport.com.
“They still want to be involved but maybe at a different level – but not as a title sponsor.
“So we’re still talking to them and they’re friends of the team and hopefully we can also include them as part of our sponsors and partners.
“But, first and foremost, BWT are a great new title sponsor and the car looks fabulous. A little bit more pink, big BWT three letters on the rear wing, which I think works tremendously well.
“BWT are a good story for the environment too, with what they’re trying to do and it’s in line with what Formula 1 are trying to do as well.
“Formula 1 are looking at sustainability – including making one race, initially, plastic bottle free. I BWT is talking to them about helping them do that and hopefully eventually make all the races plastic-free.
“But we’ve got to take one step at a time and hopefully BWT can help not just our team but the whole of Formula 1.”
Szafnauer also revealed that this new title sponsorship is also a “multi-year” agreement.