Luxury watchmaker Rolex will become the official Formula 1 timekeeper for the 2013 season. As a result of the deal, the Rolex logo will appear around the circuits and at several corners during Formula 1 races.
In a statement, Rolex said its presence in Formula 1 is "due to develop over the coming seasons. The new partnership means the Swiss company also becomes the official timepiece to the sport.
Formula 1 had signed a multi-year deal with LG in 2008 as its technology partner. LG's logo featured on F1's live timing system.
"Without question, Rolex is the partner of choice for a world-class sporting series like Formula 1," said F1 boss Bernie Ecclestone. "The brand's prestige, the excellence of its watches as well as Rolex's passionate and long-standing commitment to motor sports gives it true credibility.
"This partnership is something that many people interested in Formula 1 will have been waiting for and should rightly be excited about. Rolex has incredible sporting heritage and therefore Formula 1 is the right place for Rolex to be."