F1 set to lose major sponsor Rolex - report

Formula 1 could be set to lose one of its biggest global sponsors, according to the Swiss newspaper Blick.

The deal with the well-known luxury Swiss watchmaker Rolex, involving official timekeeping, dates back well over a decade, with F1 legend Sir Jackie Stewart instrumental in the F1 link-up at the time.

"I proposed that they support the entire series and it was one of the best choices they could have made," Stewart, now 85, said.

Blick newspaper declared on Tuesday: "Is Rolex withdrawing from Formula 1?

"Rumours are circulating in Geneva that Rolex is withdrawing as a sponsor. An LVMH brand is set to step into the breach."

French multinational LVMH’s full identity is Moet Hennessy Louis Vuitton, including watch brands Tag Heuer and Hublot.