According to accounts, Heineken, the Dutch brewing giant, boosted the sponsorship revenue of Formula One by about $16.8m (£12.6m) in 2016.
After nearly two years of negotiations regarding its sponsorship of F1, the brewer got to the finish line last year when the company signed a deal to become its global beer partner.
Company filings from the owner F1, Liberty Media, report that “advertising and sponsorship revenue grew in 2016, primarily driven by a new contract with Heineken.”
The sponsorship deal of Heineken got off the grid in September last year at the Italian Grand Prix and if it had paid pro rata for the rest of the year which would bring the annual total to about $39.2m.
The senior global brand director of Heineken, Gianluca Di Tondo, said that the deal runs “until 2023 with the possibility of stopping it at 2020.”
Di Tondo added that it would boost the exposure of F1 in markets that the sport is attempting to crack, like the United States, while “Asia Pacific, where Formula One is big and has plenty of Grands Prix, is very important for Heineken.”