Scuderia Toro Rosso’s proposed name change to Scuderia Alpha Tauri for 2020 has been approved, according to Motorsport.com.
Red Bull purchased the Minardi team back in 2005, with the rebranded Scuderia Toro Rosso team making its debut in 2006 and serving as a Red Bull junior outfit.
Toro Rosso have one victory in Formula 1, provided by Sebastian Vettel at the 2008 Italian Grand Prix, but after fourteen seasons under the name Red Bull announced last month that they wanted a change for their junior set-up.
The Italian words Toro Rosso translate to Red Bull in English, but from 2020 the team is now set to be called Alpha Tauri – the name of Red Bull’s fashion brand launched two years ago.
Motorsport.com report that an F1 Commission e-vote was held in the week after the Russian Grand Prix, in which the name change was given approval.
Meanwhile, the Red Bull team have recorded a rise in profits for 2018.
Recently released documents from the UK’s Companies House show that while the team’s spending has increased, turnover is also up from £231 million to £245 million in 2018, with their post-tax profits increasing to £923,000 in 2018 from 2017’s figure of £575,000.