Written by Heather Li Oracle was just announced as the title sponsor for Formula 1 team Red Bull Racing in a deal estimated to be worth almost $500M, officially changing the team name from Red Bull Racing Honda to Oracle Red Bull Racing. For those outside the sport, this may seem strange – why would a racing team want to work with a computer technology company over a traditional car manufacturer? Formula 1’s adoption of innovative and data-driven technology allows the sport and its business to operate at a high level of efficiency and development, which provides an entertaining and…