Foster's pull plug on F1.

Foster's have announced that they will cease their sponsorship of F1 at the end of this year.

The news is blow for the British Grand Prix, which is backed by the Australian lager company, as well as the Australian and San Marino Grand's Prix, which also enjoy backing from the company.

"As part of a programme to significantly reduce overheads within the Foster's Brewing International business, Foster's Group will not be renewing its sponsorship of Formula One at the end of the current season when its contractual obligations expire," confirmed FGL managing director, Richard Scully.

"While the Foster's Group will continue to co-ordinate global marketing initiatives, decisions about sponsorship will rightly rest with our co-brand owners and regional partners."

The withdrawal of Foster's from F1 follows the sale of the brand to British brewing and distribution partner, Scottish and Newcastle.

Foster's have been involved in F1 for around 20 years.