LONDON -- Williams and Budweiser beer will announce a global sponsorship deal on Wednesday, Formula One sources said on Monday.

The BMW-powered team and Budweiser, owned by the world's largest brewer Anheuser-Busch, said in separate advisories that they will make a major announcement at a news conference in London.

Weekend media reports said the deal was worth 50 million pounds ($81.30 million) over five years to become one of Williams' three leading sponsors.

Budweiser also sponsors NBA basketball, Major League Baseball and NASCAR in the United States and is active in world soccer, where it has been the official beer of the FIFA World Cup since 1986.

Some Formula One teams, particularly those independent of major carmakers, are struggling to raise sponsorship to survive in one of the world's most expensive sporting arenas.

Williams said the new partnership was 'another validation of the positive business climate for F1 sponsorship'.