Formula 1

F1 loses long-time champagne sponsor Mumm

Published Jan. 15, 2016 11:54 a.m. ET

foxsports

Long-time podium champagne sponsor Mumm is leaving Formula One.

Owner Pernod Ricard is believed to pay $5.48 million per year for the privilege of being sprayed on the podiums of the world, but the deal has been deemed "insufficient" by F1 management, according to thedrinksbusiness.com.

"In our mission to continually innovate, excite and push the boundaries, we have chosen to explore a new opportunity - Formula E, electric motor racing - as it is truly ground breaking, has a strong fit with our brand values and is a natural evolution in motor racing," Ricard said.

It is believed Moet et Chandon will be F1's new champagne supplier.

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