London, July 18: The Williams Formula One team and U.S. beer company Budweiser have jointly announced a multi-year sponsorship agreement. No financial details were disclosed at the news conference on Wednesday (July 16), but weekend media reports said the deal to become one of Williams's three major sponsors would be worth 50 million pounds ($79.43 million) to the BMW-powered team. "It goes without saying that we are truly enormously proud to represent Budweiser in Formula One racing," said Team Principal Frank Williams. The announcement was made ahead of Sunday's British Grand Prix at Silverstone where the new Budweiser logo -- in blue instead of the brand's traditional red to conform with team colours -- will make its first appearance on the cars. It also comes hot on the heels of consecutive first and second-place finishes for Williams drivers Ralf Schumacher and Juan Pablo Montoya at the European and French grands prix.


"The key for us is that we want to have a competitive team," Tony Ponturo, vice-president in global media and sports marketing at Budweiser brewer Anheuser-Busch Cos Inc said. "You understand you can't win every week but you want to have a team that's out there and competitive."


The partnership will be seen as a way for Formula One to break into the American market, where Colombian Montoya is already well known after his success as a former winner of the Indianapolis 500 and as 1999 CART champion.


"This we believe is a significant and important step in helping to promote Formula One's awareness around the world and of course in north America," Williams said.


Budweiser takes its place alongside computer firm HP and German insurance company Alliance as one of Williams's three main sponsors.


Budweiser also sponsors NBA basketball, Major League Baseball and NASCAR in the U.S. and has been the official beer of the FIFA World Cup since 1986.


Bureau Report