Grubel, who previously brought Credit Suisse into the sport with Sauber, was eyeing a similar deal for UBS now that he is in charge of the Zurich based global financial services company.

But according to Switzerland's Blick newspaper, the UBS board voted against the plan, agreeing instead to become a sponsor of the entire sport in a deal that was announced on Monday.

Industry insiders estimate the value of the deal at EUR 40 million per year.

"In line with all commercial contracts, the financial terms will not be disclosed," said a spokesman.

"Commercial attractiveness was however a key consideration for UBS and the agreement compares favorably with other forms of brand awareness and client hospitality."

Blick said Grubel's plan-A had been to once again link up with Peter Sauber's independent Hinwil based team.

UBS spokesman Peter Hartmeier would not say where the company's logos would be seen at grands prix, except that they could be "in places where previously there was no advertising".