ExxonMobil switches from McLaren to Red Bull

The deal involves the company, through its Mobil 1 and Esso brands, becoming the team's and official fuel, lubricant and motor oil partner in 2017.

Autosport understands McLaren will replace ExxonMobil, which it has worked with for 21 years, with BP, potentially with its Castrol brand.

The reasonably late decision to switch fuel companies will provide a challenge for Red Bull's engine supplier Renault and McLaren's partner Honda as 2017 engine development has been in progress for most of this year.

The move comes after Red Bull poached luxury watchmaker Tag Heuer as a sponsor from McLaren, before agreeing a deal to rebadge its engines with the brand.

"Mobil 1 and Red Bull are two global brands that share a passion for racing, performance and innovation," said Red Bull boss Christian Horner.

"Mobil 1 has been an iconic brand in Formula 1 for more than 30 years and our new partnership provides us with a unique opportunity to tap into ExxonMobil's world class expertise.

"In addition to welcoming ExxonMobil to the Red Bull Racing stable, I would like to extend my thanks and appreciation to the technical team at Total, who have made a valuable contribution to our success in Formula 1 during our partnership."

ExxonMobil has been involved in grand prix racing for 38 years, accumulating more than 100 victories, six drivers' world championships and five constructors' titles.