Brands
Mastercard clinches naming rights to McLaren Formula 1 team from 2026
AMSTERDAM: Mastercard has signed a landmark naming-rights deal with McLaren Racing, under which the team will compete from 2026 as the McLaren Mastercard Formula 1 team. The partnership is valued by industry observers at more than $100 million over several years, putting it among the top tier of F1 sponsorship agreements.
The announcement was made in Amsterdam by Raja Rajamannar, Mastercard’s chief marketing and communications officer and founding president of its healthcare business, alongside McLaren chief executive Zak Brown and drivers Lando Norris and Oscar Piastri.
Rajamannar said the tie-up rested on shared values of innovation, performance and fan engagement. “McLaren is the number one team, and this partnership allows us to connect fans to the sport in ways never seen before,” he said.
As part of the deal, Mastercard unveiled Team Priceless, a global fan programme aimed at bringing supporters closer to the action through behind-the-scenes access, immersive digital activations and exclusive experiences with the drivers.
The timing is strategic. Formula 1’s popularity has surged since Liberty Media acquired the sport in 2017 for $8 billion. Global TV audiences now exceed 500 million per year, with more than 45 per cent of viewers under 35 — a demographic highly prized by brands. Social media engagement grew 23 per cent year-on-year in 2024, making F1 the fastest-growing sports property online.
McLaren, meanwhile, has staged a revival, finishing fourth in the constructors’ championship last season and securing eight podiums. New technical regulations in 2026, including hybrid power units with 50 per cent electrical output, are expected to level the playing field — an opportunity McLaren intends to seize with fresh investment.
For Mastercard, the move reinforces a sponsorship strategy that already spans the UEFA Champions League, the Rugby World Cup and the Australian Open. Sports partnerships account for a significant portion of its global marketing spend, estimated at over $1.7 billion annually. By attaching its name directly to an F1 team, the company is betting that the sport’s glamour and youthful audience will deliver long-term brand dividends.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
