The announcement follows Rolex’s global partner agreement signed in December 2012 to be the official timekeeper and official timepiece of Formula One.
“We are delighted to be the title sponsor of the Formula 1 Australian Grand Prix and it is a superb way for Rolex to start a long partnership with Formula One,” said chief executive of Rolex SA Gian Riccardo Marini.
“As the official timekeeper, a partnership we announced before Christmas, we will of course support Formula One at every race but we felt a title sponsorship of the first race was a very strong sign of our passion and commitment,” he said.
“We are well aware that the Australian race is one of the most loved Grands Prix and as the first race it is eagerly awaited by a passionate global fan base. For Rolex to be present as official timekeeper and title sponsor is very exciting for everyone and we are looking forward to a great inaugural grand prix.”
“This is an exciting step for us at Rolex as the fit between Formula One and our brand feels very natural and, like all great partnerships, needs little explanation,” said Marini.
Rolex watches are associated with motorsport including the Oyster Perpetual Cosmograph Daytona and the Rolex Oyster, worn by Sir Malcolm Campbell when he broke the 300mph (483kmh) barrier in 1935 at the wheel of his car Bluebird.
Rolex has a long history with sport in Australia supporting the Australian Open Tennis Championship and the Rolex Sydney-Hobart yacht race.