Kenyan online bookmaker SportPesa is close to signing an $18m (€16m) naming rights deal with Formula One team Racing Point, according to a report from motorsports news site RaceFans.net.
SportPesa will reportedly sign a two-year deal as the naming rights partner of Racing Point, which will be announced in February at the Toronto Motor Show, ahead of this year’s F1 season.
The Kenyan firm will reportedly pay $8m in the first year of the deal and $10m in 2020. It will also have the option to extend for one more year through 2021 for an additional $12 million.
Racing Point, formerly known as Force India, was rebranded after being bought out by Canadian billionaire Lawrence Stroll, in a deal that took the team out of administration.
Founded in 2014, SportPesa currently has operations in Kenya, Tanzania, South Africa, the Isle of Man and the UK.
SportPesa has held the front-of-shirt asset at Premier League club Everton since 2017-18, in a deal that will run until 2021-22.