Over the summer, it was reported that the Swiss watchmaker was gunning to become the motor-racing competition’s official timekeeper, a title previously held by its competitor Rolex. Now, the brand’s parent company, LVMH, has successfully completed the sponsorship transfer with a 10-year contract after more than two decades.

The famous Swiss luxury brand will become Formula One's Official Timekeeper once more next year, continuing its long, storied association with motorsport's main event.

Formula 1 has announced TAG Heuer as the first individual partner as part of its 10-year deal with LVMH. Replacing Rolex, TAG Heuer becomes the championship's official timekeeper and branding will be used globally after LVMH struck a decade-long agreement to bring a number of its luxury brands to F1.

Motor racing’s prestigious Formula 1 (F1) series has unveiled major watch brand Tag Heuer as its timekeeping partner for this season. This comes as one part of the overall long-term tie-up between F1 and French luxury goods conglomerate LVMH,