Luxury conglomerate LVMH nears F1 sponsorship deal

Agreement would see French company promote its major brands on race tracks

The deal could see LVMH's Tag Heuer watch brand replace Rolex as the timekeeping sponsor for the sport. 

LVMH is in late stage talks to become a major sponsor of Formula One, in a deal that would see the French luxury conglomerate promote its major brands on the race track.

The Paris-based company is nearing an agreement where watchmaker Tag Heuer as well as other brands, which could include Moet & Chandon Champagne and possibly its hotel chains, become sponsors of F1 with brand logos and products displayed prominently to race viewers, sources say.