Organisers of the Australian Grand Prix have announced today the signing of national airline Qantas as their title sponsor for 2010. Qantas previously title-sponsored the Melbourne-based event between 1997 and 2001 having been heavily involved throughout the event's lifetime, and with the departure of Dutch banking giant ING from the sport at the end of 2009 race organisers have been on the look-out for a replacement.

Australian Grand Prix Corporation Chairman, Ron Walker said “We are delighted to have Qantas as our premier partner as it teams the iconic Australian airline with one of Australia's premier international sporting events.”

Qantas Chief Executive, Alan Joyce said Qantas was proud to be the Premier Partner and naming rights sponsor of the 2010 Formula 1 Qantas Australian Grand Prix. “Qantas has sponsored the Grand Prix since its arrival in Australia in 1985 and we are pleased to reaffirm our support for this global sporting event, reaching Formula One fans worldwide,” said Dublin-born Joyce.

Tourism and Major Events Minister Tim Holding said the Victorian Government was thrilled with the strong support from Qantas for this year's event. “We greatly value the involvement of all our commercial sponsors - their support reduces the cost of this event to the Victorian Government.”

“Melbourne is the major events capital of the world and will next month come alive when hundreds of thousands of Melburnians and visitors from interstate and overseas flock to Albert Park for the Grand Prix,” he said.

No financial details of the deal were made public, but SportsPro Media is estimating the supposed one-year deal to be worth just $3m. Predecessors ING were paying in the region of $5.5m per year for the naming rights over the course of their three year deal between 2006 and 2009. The 2010 Australian Grand Prix takes place between March 26 and 28 next month.