Formula 1 has signed a major new commercial deal with Rolex which will see the luxury watchmaker become the sport’s official timekeeper as part of a long-term partnership.
The agreement, which is believed to be worth around £15 million per annum, will also see Rolex design F1’s official timepiece with the Swiss brand’s logos to also be positioned around grand prix circuits and at several corners next season.
The joint statement announcing the new partnership also made clear that Rolex’s presence in F1 is “due to develop over the coming seasons”.
Ecclestone and long-time Rolex ambassador Jackie Stewart were on hand to unveil the partnership on Wednesday and the F1 commercial supremo said: “Without question Rolex is the partner of choice for a world class sporting series like Formula One.
“The brand’s prestige, the excellence of its watches as well as Rolex’s passionate and long-standing commitment to motor sports gives it true credibility.
“This partnership is something that many people interested in Formula One will have been waiting for and should rightly be excited about. Rolex has incredible sporting heritage and therefore Formula One is the right place for Rolex to be.”
Rolex has a long history of sponsoring major sporting events, most notably in the UK at The Open golf championship and Wimbledon.
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