Tag Heuer will replace Rolex as official timekeeper of Formula 1 this season as part of a new 10-year partnership with French luxury giant LVMH LVMH.PA, the premier motorsport category owned by Liberty Media announced on Monday .
The brand, which was the timekeeper of F1 from 1992 to 2003, will be very present trackside during the 24 races of the season.
High-end Swiss watchmaker Rolex has been a partner of Formula 1 since 2013.
“I am delighted to welcome TAG Heuer as the official timekeeper of Formula 1, as they begin the next stage of their long history in our sport,” Stefano Domenicali, F1 chief executive, said in a statement.
Tag Heuer was the first watch brand to sponsor a Formula 1 team, partnering with Ferrari in 1971 before a 30-year partnership with McLaren from 1985 to 2015. The brand then sponsored Red Bull from 2016.
LVMH's partnership deal with Formula 1, announced last October and valued at just over $100 million a year over a decade, also covers its Louis Vuitton and Moet Hennessy brands.
(Reporting by Alan Baldwin, French version by Vincent Daheron, editing by Kate Entringer)
