12:55 PM EDT, 10/02/2024 (MT Newswires) -- Formula One Group (FWONK) announced a 10-year sponsorship deal with luxury brand LVMH.

The partnership, beginning in 2025, will include LVMH's Louis Vuitton, Moet Hennessy and TAG Heuer brands, Formula One said Wednesday in a statement.

Further details of the partnership will be announced early next year, said Formula One, a unit of Liberty Media ( LLYVB ).

The deal may be worth $1 billion with annual sponsorship fees topping $100 million as the French luxury goods group takes over from Rolex as a major sponsor, Bloomberg had reported, citing people familiar with the negotiations.

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