Nike is reportedly in talks with Formula 1 over a potential sponsorship and licensing agreement that could mark the sportswear giant’s return to the championship after more than 20 years.
According to Sports Business Journal, senior Nike executives held discussions with F1 management during the Miami Grand Prix in May. Nike has also remained in contact with Cadillac, whose drivers Valtteri Bottas and Sergio Perez were recently seen wearing Nike shoes.
Nike previously had a major connection with F1 through a personal advertising deal with seven-time world champion Michael Schumacher, which ran from 1996 to 2002.
A new partnership would put Nike alongside brands including Adidas, Puma, Castore and New Era, which have expanded their presence in Formula 1.
Bernstein estimates that F1 currently earns between $80 million and $150 million annually from licensing, with the figure potentially reaching $310 million by 2028.
Neither Nike nor Formula 1 has confirmed the reported talks, and both declined to comment when approached by Sports Business Journal.
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