Bayer has now said that he and his colleagues in Faenza have finalised plans on how to incorporate the US sponsors into the name and details of the new look, with the deadline for the publication of the FIA entry list being next month.
Bayer also credited driver Daniel Ricciardo as being a significant factor in attracting new sponsors from the States thanks to the Netflix series Drive to Survive.
Speaking to Autosport, Bayer said: “We're on a good trajectory. And because we have such good traction in the US at the moment, we found these two companies who like each other.
"We had a very, very good meeting with these two big new partners. And they understood each other really well. They sort of mingled immediately.
“We talked about when do we announce it? What do we do?” he added. “And we said look, this is what usually happens, and we have the FIA entry form and we have the livery presentation. And then they had ideas.
“They started brainstorming so much that I got scared, actually! They have a couple of very big ideas. They're thinking big, bigger than we would probably have dared to think.”
Moving closer to the Red Bull family
Speculation about the team’s rebranding has been a hot topic in the paddock as the 2023 season comes to an end, with Racing Bulls being one name that is heavily rumoured.
Bayer confirmed that the team will be moving back closer to the Red Bull family and the entire organisation will be rebranded.
He said: “The identity will be generic. The identity is what Toro Rosso would have been, and it’s moving closer to the Red Bull family again. But then it will appear with the naming rights partners.
"We will change the company name, we will change identity, logo, everything, a complete relaunch, complete rebrand.
"The name of the team, the identity, has been decided by the shareholders. And I need to carry it with me without being able to share, which is very difficult!”
Elsewhere on the grid, Alfa Romeo is also set for a name change, with their deal with the Italian manufacturer set to expire next year.
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