After 11 years as a global partner of Formula 1, Rolex will terminate its ten-year sponsorship agreement at the end of this season.
There are rumors that the LVMH conglomerate is going to replace Rolex. The online magazine Coronet was the first to report this.
In 2013, Rolex became a partner of Formula 1 and their official watchmaking partner. While the original deal was worth $10 million a year, Rolex is now paying around $50 million to compete in the world-famous motorcycle racing championship, thanks to a boom in popularity over the past couple of years.
According to a report from Coronet, the LVMH group will take over as official timekeeper next season, with a new one-year contract reportedly worth $150 million.
Formula 1's audience has doubled over the past decade, reaching 1.5 billion viewers in 2023. Formula 1 is currently the fourth most popular sport in the world.
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