The Monaco Grand Prix has long been nicknamed “the jewel in Formula 1’s crown” but for all the sparkle, the racing has often been dull.

In a statement, Stefano Domenicali, president and CEO of F1, said: "This is a truly fantastic moment in Formula 1 history as Tag Heuer becomes the first-ever title partner of the Grand Prix de Monaco, a circuit that featured in the sport’s very first season in 1950, and with which we mark our 75th anniversary this year.

Monaco has faced heavy criticism in recent years for the poor quality of racing and low number of overtakes on the track.