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.

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.

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,