On 10 March it became known that the largest oil company in the world Aramco, the management of which is in the hands of the Royal dynasty of Saudi Arabia, signed a sponsorship deal with Formula 1.
Now became known the details of the transaction. The agreement is for 10 years and will be valid until 2029. Every year Aramco will pay in the benefit Formula 1 $ 40-45 million, thus, over 10 years f-1 can get from sponsors from the Arabian Peninsula, about $ 450 million.
Negotiations were held with the direct participation of the head of Formula-1 chase Carey, and they took about 14 months, reports Sport Business.
It is noted that partnerships with Aramco does not guarantee a stage of the Formula 1 in Saudi Arabia, but if he is still to be arranged, the company will become its title sponsor. It is already known that Aramco will be the title sponsor of the Grand Prix in Spain, Hungary and the USA.