Transfers are always points of interest for fans of any sport, but sometimes other notable signings take place that explain the extent to which this discipline has attracted media around the world. The Formula 1 It generates interest inside and outside the circuits and has long been the most popular showcase in the business world.
If ‘glamour’ already surrounds everything surrounding F1, the deal announced this Wednesday has raised its price to a point that will surely be almost unmatched commercially as, starting in 2025, F1 enters into an alliance to in the next 10 years the world leader in luxury, LVMHthe parent company of iconic wealth brands such as Louis Vuitton, Moët Hennessy and TAG Heuer.
“This is an unprecedented agreement between the world leader in luxury and the pinnacle of motorsport at a time of incredible popularity, cultural relevance and general enthusiasm for F1 as a bridge between global sport and entertainment,” F1 and LVMH said in a statement.
“At the crossroads of LVMH Group’s values of creativity and excellence with the innovation and high performance of F1, the partnership will bring together the best of these two worlds and provide unparalleled experiences,” added a note from to new partners.
There are no official figures on the size of this agreement, but some information indicates that it could be around 150 million dollars annually, around 135 million euros, more or less than what they paid to be major partners of recent Paris Olympic and Paralympic Games.
However, a source close to the negotiations told AFP that this amount was exaggerated and that the value was “less than 100 million dollars”, about 90 million euros. However, the alliance is for 10 years and, therefore, it is unreasonable to think that its value will exceed 1,000 million euros.
“People, the search for excellence and the passion for innovation are at the heart of the activity of our brands and F1. In motor sport, as in fashion, watches or wine and spirits, every detail on the path to success, ” said the LVMH Chairman and CEO, Bernard Arnault.
“Both in our workshops and on circuits around the world, the relentless desire to break boundaries inspires our vision, and this is the meaning we want to give to this great and unique partnership between F1 and our group,” added Arnault.
“Our sport is based on the relentless pursuit of excellence, a value that is also at the heart of LVMH, so I am delighted to announce that this historic partnership will begin in 2025,” said the current president and CEO of LVMH , Stefano Domenicali.
So LVMH joins F1 sponsors such as DHL, Heineken, MSC Croisières, Pirelli and Qatar Airways. Luxury brand Rolex is also on the list of partners, but press reports suggest it has left the ‘Great Circus’ in favor of Tag Heuer, a brand of the LVMH group and direct competitor to Rolex.
Source: La Verdad
I’m Rose Herman and I work as an author for Today Times Live. My expertise lies in writing about sports, a passion of mine that has been with me since childhood. As part of my job, I provide comprehensive coverage on everything from football to tennis to golf.
