F1 tradition set to return after MEGA money deal announced
F1 News
Formula 1 bosses have signed a mega-money deal that is expected to see champagne return to the podium celebrations for the first time since the 2021 Formula 1 season. F1 announced a historic 10-year global partnership with LVMH Moet Hennessey Louis Vuitton SE on Wednesday.
The 10-year agreement is set to start in 2025. Formula 1 will celebrate its 75th anniversary during that season. It is reported as an unprecedented agreement between the world leaders in luxury and the pinnacle of motorsport.
The Daily Mail report the deal is worth more than $1billion, with F1 netting more than $100million per year. LVMH is valued at over £375billion and own a range of luxury brands in various different sectors. They cover fashion and leather goods, perfume and cosmetics, watches and jewelry and others. Some of the companies they own include Dior, Marc Jacobs and Tag Heuer.
Will champagne return to Formula 1?
In the Wines and Spirits sector, they own the champagne brand Moet & Chandon. Reports suggest F1 drivers will, therefore, be able to spray champagne on the podium again. Champagne was replaced by Italian sparkling wine in 2022. This is made by Ferrari Trentino. Champagne will not be sprayed in countries where alcohol is banned. Rose Water will replace it in those countries.
“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," Stefano Domenicalli, F1 CEO, said.
“In recent years, Formula 1 has truly become one of the most desirable sports in the world. It's a vibrant discipline that echoes a number of values that are very important to us, such as innovation, team spirit and performance. For many years, several of our Maisons have also chosen to invest in Formula 1, whether to create unique experiences or for moments of celebration. With our Maisons and the expertise of our Group, we want to further grow this experiential dimension that Formula 1 provides all over the world," Frédéric Arnault, CEO, LVMH Watches, concluded.