Wine and brewing giant Foster's Group Ltd is to title sponsor Formula One's Australian Grand Prix until 2006 with an option to renew the company announced this week.

Ted Kunkel, Foster's Group president said: "The driving factor behind our decision to pursue this opportunity is that the Australian Grand Prix is an international spectacle, watched by 600 million viewers in 212 countries.

"Through this title sponsorship we will be able to promote the race in more than 150 countries where Foster's is sold. We see this as a long-term partnership between Foster's, the Australian Grand Prix Corporation and the state government," he added.

Twelve months ago Foster's announced a decade long deal with Grand Prix worldwide which includes exposure through premium track-side signage at the majority of races, pouring rights at 12 races, Paddock Club sponsorship at 16 races and the naming rights sponsorship of the UK, Belgium and Australian Grand Prix's.