LG has signed a deal to become a major sponsor of Formula One racing – agreeing a deal that sees the Korean company become both Global and Technology Partner from January.

The manufacturer has become a major player in the UK market with its televisions and mobile phones performing well, and it will be an even more familiar sight on our television screens soon.

"LG is a leader in its field, it pioneers cutting edge technology, delivering innovation and excellence in a stylish package, which is what Formula 1 is about too," said Ecclestone.

"We have so much in common, I am very excited to begin our association and look forward to the technology solutions they can bring to us also."

Five-year deal

The money involved in the deal, which runs over five years, has not been disclosed, but LG will become the official time-keeper and data provider for television as well as benfiting from the normal marketing opportunities the sport offers.

"Formula One represents the absolute peak of technological innovation and style, which is also our vision for the LG Electronics brand," said Dermot Boden, chief marketing officer of LG.

"We feel the excitement and electricity of F1 is unmatched by any sport, and we feel the same passion and energy here at LG."

"In today's economic climate, all organizations need to be strategic with their expenditures.

"After having carefully researched marketing and sponsorship opportunities, I am confident that this exciting partnership will best highlight and enhance the profiles of both global organizations over the long term."