The multi-year deal incorporates an endorsement deal with driver Juan Pablo Montoya. The Colombian racer will, the company hopes, help boost awareness in the Latin America market.
Said BMW WilliamsF1 team boss, Frank Williams: "I have every confidence that the strength of the B2B relationships built within the Formula One paddock will provide significant business opportunities for Western Union. I am also pleased that Western Union's confidence in Formula One is another strong endorsement for the sport in an improving sponsorship market
place."
The new season, which gets underway in Australia on Sunday, will prove an absolutely vital one for the sport. Domination by Ferrari and driver Michael Schumacher, with last year's championship concluded earlier than ever before, saw interest levels in the sport plummet.
Television viewing figures nose-dived and already apprehensive sponsors saw their worst fears realised as Schumacher's success saw the sport turned off across the world.
However, with a number of new - and sometimes controversial - regulations in force, it is hoped this season will breathe new life into the sport.
