Formula 1 (F1) motor racing team McLaren and international credit card giant Mastercard have signed a new multi-year sponsorship deal.

The agreement will see the company become a major sponsor of the F1 team.

As part of the deal, Mastercard Priceless Experiences members will gain access to F1 and McLaren Racing team experiences.

Mastercard branding will be involved in the partnership later in the 2024 season.

Last week, Mastercard was also unveiled as an official partner of the inaugural edition of the Esports World Cup.

The tie-up entails the international credit card company running the digital payments and fan competitions.    

McLaren recently expanded its partnership with wireless technology and communications firm Cisco.