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2,039 views November 30, 2008

Dec.1 (GMM) Multinational drinks company Diageo has no plans to sever its ties with the top formula one team McLaren.

To advertise its Scotch whisky brand Johnnie Walker, Diageo commenced a reportedly $23 million per year sponsorship deal with the Mercedes-powered team in 2005.

Diageo's chief executive Paul Walsh insists the deal is worth it.

"It is a lot of money but you have 400m people watching a two-hour grand prix and all the other races around the world, it's a great opportunity to promote the brand to the right demographic," he told The Times.

"And, of course, it's now part of the championship-winning team, and that's worth a lot in itself," Walsh added.