Nike Inc. (NYSE:NKE) could bring the Swoosh back to Formula 1 after more than two decades, with the sportswear giant reportedly exploring sponsorship and licensing opportunities as it searches for new growth engines during a difficult corporate turnaround.
Formula 1 Offers Nike Fresh Growth
According to a report on Wednesday by Motorsport.com, Nike is exploring a deal to supply official teamwear to Formula One Management from 2027, although no agreement has been confirmed, while the company has already edged back toward the paddock through Cadillac.
Formula 1 said Nike produced F1-inspired Dunk Low shoes for Cadillac around the Miami Grand Prix, where the team unveiled a special home-race livery.
The timing matters. Formula 1’s global audience has expanded sharply, giving Nike access to a younger, international fan base. F1 said its following topped 830 million in 2026, up 64% from 2018, while 43% of fans are under 35. Liberty Media said 2025 Formula 1 revenue rose 14% to $3.9 billion and live viewership increased 21%. The sport’s expanding sponsorship business has also attracted growing Wall Street attention.
Nike did not immediately respond to Benzinga’s request for comment.
Arnault Joins As Nike Rebuilds Brand
Nike also added Alexandre Arnault to its board in September. Arnault serves as deputy CEO of Moët Hennessy, part of LVMH. Nike CEO Elliott Hill said Arnault understands how influential brands "stay relevant, deepen consumer connections and drive long-term growth."
That brand-revival mission has become increasingly urgent. Nike’s fiscal first-quarter revenue fell 4% to $11.2 billion, while Greater China revenue dropped 26% on a currency-neutral basis, extending a nine-quarter decline. Hill said Nike has "more work to do" in Sportswear, Jordan Brand and Greater China as the company pushes its Pace restructuring plan. The China slump has become a central challenge in Nike’s attempt to reset distribution and rebuild demand.
China Slump Keeps Investors Under Pressure
Nike expects Pace to generate about $2.5 billion in savings through fiscal 2031, but Reuters reported most savings will arrive only in fiscal 2029 and 2030. The company expects fiscal 2027 revenue to fall by a high-single-digit percentage.
Investors have punished the slow recovery. Nike shares recently traded around their lowest level in 12 years, far below their 2021 peak, while its market value and earnings have more than halved since Hill returned in 2024. The stock’s post-earnings slide took it to levels last seen in 2013.
Benzinga Edge Rankings show NKE stock offers a favorable Value rating in the 76th percentile but a poor Momentum score in the 5th percentile.
Price Action: NKE shares were trading 0.55% lower at $34.17 in pre-market trading on Thursday.
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