Qatar Airways Wednesday announced they will be taking the reigns as the new official airline sponsor of Formula One motor racing, replacing their regional rival Emirates, marking a new chapter in their longstanding partnership with the world-renowned racing organization.

The sponsorship announcement comes ahead of the 2023 season, which kicks off next month and will also see Qatar begin a 10-year run as host of a Grand Prix, to be held in October.

The state-owned carrier will become a title sponsor of that race – now known as the Qatar Airways Qatar Grand Prix – along with Grands Prix in Hungary and Emilia Romagna in Italy.

The airline's press release did not mention how much the sponsorship deal was worth or any other specifics.

Qatar Airways adds Formula One to a list of global sports sponsorships, which include world football's governing body FIFA and football clubs Bayern Munich and Paris St. Germain.

Dubai-based Emirates was Formula One's main airline sponsor for the last decade.