Dec.1 (GMM) Multinational drinks company Diageo has no plans to sever its ties with the top formula one team McLaren.

To advertise its Scotch whisky brand Johnnie Walker, Diageo commenced a reportedly $23 million per year sponsorship deal with the Mercedes-powered team in 2005.

Diageo's chief executive Paul Walsh insists the deal is worth it.

"It is a lot of money but you have 400m people watching a two-hour grand prix and all the other races around the world, it's a great opportunity to promote the brand to the right demographic," he told The Times.

"And, of course, it's now part of the championship-winning team, and that's worth a lot in itself," Walsh added.