Dutch financial group ING, which recently announced a three-year deal whereby it becomes title sponsor of the Renault F1 Team, has concluded a further three-year deal which gives it the naming rights to the Australian Grand Prix.
Speaking at the announcement of the deal today (Wednesday), chairman of the Australian Grand Prix Corporation (AGPC), Ron Walker, said: "We are proud to be aligned with such a highly regarded company.
In 2007, the Australian event once again kicks off the World Championship, having been the third race on the 2006 calendar - the result of the event being moved from its traditional slot due to the fact that Melbourne was hosting the Commonwealth Games.
Earlier this week, race organizers revealed a unique scheme whereby female race fans may purchase discounted tickets, but only for one section of the track. This incentive comes at a time when the AGPC has revealed a loss of $21m Au (£8.27m) on this year's race, a significant increase on the previous year's loss of $13m Au (£5.1m).
In April this year, long-time title sponsor of the Australian, and several other F1 Grands Prix, Foster's revealed that it was to end its global sponsorship of Formula One, thereby bringing a twenty-year relationship to an end.
Now... if rival Australian brewer Castlemaine had any sense they'd link up with ING and next year's race would become the XXXXING Australian Grand Prix.
Sheesh... you'd pay a marketing company millions for that sort of idea!