Breaking: Red Bull confirms new name for sister outfit with large Las Vegas launch set.

Red Bull has confirmed Visa Cash App RB as the new moniker for their sibling team, replacing the previous AlphaTauri brand.

Parent business Red Bull has decided to rebrand their sister team after a string of dismal results, as well as a wish to give the squad a fresh start following Franz Tost’s retirement.

And having mistakenly exposed their name via their Instagram account, Visa Cash App RB has been confirmed as the new moniker under which the Faenza team will operate.

The move marks Visa’s first sports sponsorship in 15 years and will also be the name of the team’s entry into the F1 Academy. But Visa’s sponsorship also extends to the Red Bull main team, too, with their logo appearing on the RB20 for the season ahead.

The name also comes with the RB suffix but PlanetF1.com understands that does not stand for Racing Bulls.

The American company’s sponsorship is in conjunction with Cash App, a mobile payment service available in the UK and US.

The new car will be unveiled in Las Vegas on February 8, with the new team colours being presented by drivers Yuki Tsunoda and Daniel Ricciardo at pre-season testing on February 29 in Bahrain.

The team’s CEO Peter Bayer said: “It’s fantastic to reveal the new identity and to welcome new partners as we embark on the next phase of the team’s Formula 1 story.

“Faenza is entering a new era of racing, staying true to our roots as a hothouse for talent but now with an even greater focus on competing for the biggest prizes in F1.

“We have a bold vision for the team lead by myself and team principal, Laurent Mekies and having future-focused partners such as Visa and Cash App alongside us on that journey is hugely exciting.”

Frank Cooper III, chief marketing officer of Visa said: “This is a groundbreaking partnership, and a great opportunity for the Visa brand to engage one of the fastest-growing sports communities on the planet.

“This alliance resonates strongly with Visa’s vision to inspire individuals to ‘make it,’ striving to take small steps for improvement each day, during every race or event.”

Red Bull Technology’s chief marketing officer Oliver Hughes said: “The birth of Visa Cash App RB is a hugely significant moment.

“The new identity is not simply a name change, it’s the start of a thrilling new journey designed to take the team to new levels of competitiveness and that’s demonstrated in the presence of one of the world’s most iconic brands as the team’s title partner.

“But, like the team, Visa is firmly focused on the future, expanding from its world-leading position in its core business to become a global pacesetter in the development of digital financial services for everyone, everywhere.