Racing Bulls, I’ll give you a bit of background to it,” Bayer began.

“Obviously everybody knows we are part of the Red Bull universe, and Mr. Mateschitz has a couple of different other entities.

“For example, the Flying Bulls. He’s got a car collection which is around bulls and so on and so forth.

“So the initial idea for the team name always was Racing Bulls. We then started off last year, and we were extremely happy to get Visa on board, CashApp on board, who wanted to join us as title partners.

“We felt that’s a huge opportunity for us in the sport, but obviously we also wanted to give them enough space in the naming rights.

“But throughout the season we felt that perhaps for people who are used to the history, starting off with Toro Rosso, Alpha Tauri, it’s difficult to understand what RB stands for.

“Ultimately we decided last year, the shareholders decided last year, together with us, that we want to push forward with the initial and original identity, which is Racing Bulls.

“So we’re very excited to be here as Visa CashApp Racing Bulls.”