FORMULA ONE bosses have penned a $1BILLION deal that will see a major change to podium proceedings.
F1 chiefs have put pen to paper on a £750m with French company LVHM – known in full as LVMH Moet Hennessey Louis Vuitton SE.
The sponsorship deal, which is the most lucrative in the sports’ history, was reportedly agreed after months of negotiations by F1 chief executive Stefano Domenicali and members of the luxury goods company.
LVMH, valued at over £375BILLION, are best known as the owners of luxury brands such as Louis Vuitton, Dior, Tiffany & Co and Givenchy.
While they are also the owners of champagne brand Moet & Chandon, leading to reports that champagne could be returning to the F1 podiums for the first time since 2021.
Drivers have been spraying Italian sparking wine to toast their successes for the past three years thanks to an association with Italian wine makers Ferrari Trentino.
But their new deal with LVHM, which is due to begin in 2025, is set to put Champagne back in the hands of race winners going forward.
Of course, champagne will not be used in the Middle Eastern races – where alcohol is banned – with rose water expected to continue as its replacement.
LVHM are also the owners of a number of other well known champagne brands including Dom Perignon, Veuve Clicquot and Champagne Mercier.
The Mail report that the deal has been in the making for over a year.
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While it’s also claimed that teams are “delighted” by the news, with one team principal citing a potential growth in prize money.
F1’s value continues to rise with the profile of the sport growing in recent years since the release of Netflix documentary Drive to Survive.
In a statement about the partnership with LVMH, Domenicali said: “Our sport is founded on the relentless pursuit of excellence, a value that also lies at the heart of LVMH, so I am delighted to announce this historic partnership will begin in 2025.
“As Formula 1 continues its global growth, attracting new and more diverse audiences, the strength and breadth of LVMH makes it the perfect partner for us to work with as we look to continually enhance the experience of our fans and the heritage of our incredible sport.
“This is a landmark partnership for both companies, and I would like to thank Bernard and Frédéric Arnault for their vision and commitment to bring this to life.”
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