Shell has signed a multi-year agreement to title sponsor the Formula One Belgian Grand Prix at Spa-Francorchamps.

The title sponsorship comes as part of an extended partnership between Shell and Formula One, with the multinational oil giant also agreeing to a continuation of its circuit advertising and branding at various races throughout the season.

Although financial details of the agreement have not been released, title sponsorships in Formula One are believed to be worth US$4 million annually. With advertising and all other elements of the partnership included, the deal is estimated to be worth US$10 million per year.

John Bullock, executive vice president of Shell Retail, said: “The Belgian Grand Prix is a cornerstone of the Formula One World Championship calendar. Similarly, Shell has been a leading innovator throughout the history of the sport. The title sponsorship will align our values in a sport recognised as the pinnacle of motor racing and demonstrate Shell’s innovation to a growing global following of motorists.”•Shell and Ferrari extend historic relationship

Shell, like the Belgian Grand Prix, was a part of the inaugural Formula One World Championship season in 1950, having worked with Ferrari since the Monaco Grand Prix of that year to develop racing fuels and lubricants for the team.

Bernie Ecclestone, chief executive of the Formula One Group, said: “Shell was amongst the first to recognise Formula One as a powerful platform which has been successful for Shell for 60 years. By becoming the title sponsor of the Belgian Grand Prix, Shell continues to prove its commitment to the sport and play a key role in its enduring success. We recognise the valuable contribution made by Shell over many years and are delighted to provide an environment for this global brand to develop its commercial products.”

The Belgian Grand Prix will take place on Sunday 28th August and will be the 56th running of the race..

Source: SportsPro