The Formula One World Endurance championship is set to get a new name after the new owners of the iconic F1 team confirmed the change in their plans ahead of next year’s season.
The team will be renamed the Red Bull Racing F1 Team and will compete in the 2017 and 2018 seasons.
The change to the brand is expected to save the team some money and make it more attractive for sponsors.
The Red Bull team currently have a base of around 3,500 employees in the UK, Germany and France.
Red Bull have not revealed the exact cost of the brand change, but said it was a “fairly low” £150 million.
The name change will be announced in the coming weeks, although Red Bull will be able to retain the team name, but the team will no longer have a sponsorship deal with F1.
“We have always been a team of a lot of different people.
In the future, we will continue to be a team that has a very similar look, feel and philosophy to Red Bull, but that is not changing,” team boss Christian Horner said.
The team will continue racing in the FIA World Championship, the WEC, Le Mans 24 Hours and the 24 Hours of Le Mans in the future.
The Red Bull racing team have enjoyed a successful run in F1, winning the drivers’ championship in 2011 and 2014 and winning the 24 hours in 2016.
Red Bull has made a name for itself with the success of Sebastian Vettel and Daniel Ricciardo, but it has struggled financially in recent years, with the team struggling to make ends meet and struggling to attract sponsors.
