Motor racing: LG heads for Formula One exit

Flat-screen smart TV sets made by LG Electronics are displayed at a store in Seoul on July 18, 2013. LG announced on Nov 21, 2013, the end of a five-year global partnership deal with Formula One. -- FILE PHOTO: REUTERS
Flat-screen smart TV sets made by LG Electronics are displayed at a store in Seoul on July 18, 2013. LG announced on Nov 21, 2013, the end of a five-year global partnership deal with Formula One. -- FILE PHOTO: REUTERS

(REUTERS) - South Korean-based consumer electronics group LG announced on Thursday the end of a five-year global partnership deal with Formula One.

A statement, issued on behalf of the world's second biggest television maker ahead of this weekend's season-ending Brazilian Grand Prix, said LG would be "refocusing its sponsorship strategy towards regional platforms from 2014 onwards".

LG signed a deal with Formula One's commercial supremo Bernie Ecclestone in November 2008 to be a technology partner with the company's branding on the international broadcast feed and timekeeping systems.

Rolex is now Formula One's official timekeeper after announcing a deal last December.