Nike is believed to be nearing a deal which will see the sportswear giant enter Formula 1 after more than two decades off the grid.
The American apparel firm has held talks with the premier motor sport series about becoming the kit provider for all Formula 1 employees.
GP Blog reports that the deal is close and City AM understands that discussions remain ongoing, with no formal agreement signed.
The move would see Nike – which has been largely absent from Formula 1 since a major deal with Michael Schumacher ended in 2002 – return to the grid and join rivals Adidas and Puma with a presence in the calendar.
Puma holds the contract for both Ferrari and McLaren, as well as Aston Martin, while Mercedes and Audi are dressed by Adidas.
Castore provides the kit for Red Bull, Alpine and Haas while Williams, Racing Bulls and Cadillac are sponsored by New Era, Hugo and Tommy Hilfiger respectively.
Nike to enter Formula 1?
Formula 1 staff are mostly provided by Puma, while AlphaTauri is on the grid with the FIA.
Last week Nike exited the S&P 100 after 18 consecutive years and has lost $200bn from its 2021 all-time market cap.
Senior executives from the apparel brand were reportedly present at this year’s Miami Grand Prix. It comes after LVMH signed a 10-year deal worth a reported $1bn in 2024.
“On the Nike speculation, I can’t comment,” Formula 1’s chief communications and corporate relations officer, Liam Parker, told City AM earlier this month.
“But what I would say is the fact that a brand of that nature is being speculated and talked about [and] thinking about a partnership with F1 just shows the night and day of where we’ve come in the past five years.”
Nike would join the likes of Aramco, Pirelli, AWS, Qatar Airways, DHL and others in a wider Formula 1 sponsorship portfolio.