Qatar Airways has emerged as a surprise winner in the race to become the official airline sponsor of Formula 1 (F1), outbidding regional rival, Emirates.

According to SportBusiness, the Doha-based airline is set to make an official announcement alongside F1 bosses ahead of the Bahrain Grand Prix in early March.

The news comes after it was reported that Emirates had lost the rights to sponsor F1 races after owners, Liberty Media Corporation, wanted the airline to double the amount it paid to sponsor the championship in 2018.

It has also been reported that Qatar Airways agreed to Liberty Media’s demand of a US$50 million fee for a five-year sponsorship deal.

As the official airline sponsor, Qatar Airways will have a prominent presence at F1 races around the world with trackside banners and other advertising opportunities.

The airline will also have the opportunity to host high-spending guests at the Paddock Club and fans in interactive engagement zones.

The move builds on Qatar Airways’ sports partnership portfolio which includes FIFA.

The announcement comes after Andretti Global and General Motors (GM) teamed up to create an all-American bid to join F1.