For the past several years, F1 drivers have sprayed Italian sparkling wine provided by sponsor Ferrari Trentino, breaking the long-held tradition of using French champagne. However, this is set to change thanks to a new ten-year sponsorship agreement between F1's commercial owner, Liberty Media, and LVMH, the parent company of Moet & Chandon. The Sun estimates the deal is worth $1 billion over the next decade.
LVMH (Louis Vuitton Moet Hennessy) owns a variety of luxury brands, including Moet & Chandon, the iconic champagne historically used on F1 podiums, as well as TAG Heuer, a brand also familiar in Formula 1. "The opportunity to scale our commercial arrangements is emblematic of the vision we have for Formula 1 as the business continues to grow its platform," said Liberty Media CEO Greg Maffei ..
