With Hamilton joining, Ferrari to sign F1 title sponsor

With Lewis Hamilton set to move from Mercedes to Ferrari, the renowned Italian Formula 1 team is reportedly on the brink of securing a profitable title sponsorship agreement.

Since the conclusion of the 'Mission Winnow' initiative with Philip Morris, who continued their support away from the public eye, Ferrari has been without a title sponsor.

Now, with Hamilton set to join the team and the substantial salary he commands, which greatly exceeds that of Carlos Sainz, Sport Business has indicated that Ferrari is preparing to disclose a title sponsorship contract with Hewlett-Packard (HP).

"Driver salaries do not count against Formula 1's 'cost cap'," F1 correspondent Matthew Williams clarified, "allowing teams an unlimited spend on star acquisitions."

According to Sport Business, insiders suggest that the yearly financial worth of the Ferrari-HP partnership is "comparable" to Red Bull's title sponsorship with another tech giant, Oracle.

As of now, neither Ferrari nor HP have issued any statements regarding the deal.