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.

Tag Heuer will replace Rolex as Formula One's official timekeeper this season as part of a new 10-year partnership with French luxury giant LVMH, the Liberty Media-owned sport announced on Monday.

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.

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,