Formula 1 team Racing Point is on the verge of sealing a deal with sports betting company SportPesa for the 2019 F1 season.

Racing Point, formerly known as Sahara Force India has agreed a two-year sponsorship deal with the possibility of adding a third year to the contract.

Racing Point intends to unveil SportPesa at its season launch at the Toronto Motor Show. SportPesa is understood to be paying ($8 million) for its first year followed by ($10 million) in 2020 and a further ($12 million) if they remain for 2021.

The news follows last year’s announcement by Formula One Management that it had appointed an official gaming partner.