Global financial service giant, Allianz will be the title sponsor for the inaugural Drone Racing League (DRL) be held later this year.
Media reports say that, in the first step, the deal will be for two years and is worth $10 million. Allianz could look to extend it to five years.
The tournament will begin in June 2017 and will also include a stopover at Munich, Germany. The finals are scheduled to be held at London.
“This is an incredibly exciting day for The Drone Racing League and a huge leap forward for professional drone racing,” DRL’s chief executive Nicholas Horbaczewski was quoted as saying.
The sport involves radio controlled drones being navigated through a track that can have different kinds of obstacles. These drones can reach a speed of nearly 150 kmph and the pilot, who manages the drone, who completes the course first wins. Because of the thrill of speed, it is often classified as a different kind of motorsport.