Formula 1: negotiations with TAG Heuer as contract with Rolex is ending. TAG Heuer has confirmed talks to become the official partner of F1.

Rolex’s Departure
In recent weeks, rumors surfaced that the partnership between Formula 1 and Rolex was nearing its end after 11 years of collaboration. It was reported that the French group LVMH, led by Bernard Arnault (the world’s richest man), had made an offer to triple the current payment of $50 million annually that Rolex pays Formula 1 to be the global partner and official timepiece sponsor.

Rumors Confirmed
The negotiations are real and were recently confirmed during a conference call with analysts to discuss LVMH’s financial results by Chief Financial Officer Jean-Jacques Guiony. The French manager also clarified which brand they intend to associate with Formula 1, specifically TAG Heuer (and not Hublot, another of the company’s watch brands with a higher positioning).

“TAG Heuer is in talks to take Rolex’s place as the official timekeeper of Formula 1 starting next season, but nothing has been decided at this stage,” Jean-Jacques Guiony confirmed. TAG Heuer is already present in the category as a sponsor of Red Bull, although the contract is set to expire at the end of 2024.