Heineken, the renowned Dutch brewer, contributed $16.8 million to Formula 1 revenues in 2016, the brand’s first as a sponsor of the sport.

According to accounts seen by the UK’s Sunday Telegraph newspaper, Heineken made this outlay after entering the world championship at the Italian Grand Prix last September.

On a pro-rata basis, this values the deal at $39.2 million per year.

Heineken and Formula 1 announced a multi-year partnership at the Canadian Grand Prix in June 2016.

Company filings from Liberty Media, the company which acquired Formula 1 in January of this year, state that “advertising and sponsorship revenue grew in 2016, primarily driven by a new contract with Heineken.”

Gianluca Di Tondo, Heineken’s senior global brand director, said the deal runs “until 2023 with the possibility of stopping it at 2020.”

He added that the brand’s involvement would help to boost the sport’s profile in markets such as USA and that “Asia Pacific, where Formula One is big and has plenty of Grands Prix, is very important for Heineken.”

The brewer is conducting multiple activations, including an anti-drink-driving campaign, and serving as the title sponsor of the Chinese, Italian and Brazilian rounds of the series.

Sportcal