The V8 Supercars championship will undergo two rebrands in the next 12 months, adding a title sponsor in July and dropping the ‘V8’ reference for next year’s series.

Fairfax Media reports the sport will receive a multi-million dollar funding boost after landing a five-year naming-rights deal to take effect from round seven of the series onwards, beginning at the Townsville 400.

“It’s done,” V8 Supercars chief executive James Warburton said.

“The sponsor won’t be announced for another few months and the deal is not effective until July 1.

“It’s a great brand. It’s really exciting, so I can’t wait to unveil it.”

Not since Shell, which backed the competition from 1993 to 2001, has the V8 Supercars championship had a title sponsor.

The deal is another shift in a total reboot to the series taking place.

In 2017, new “Gen2” rules arrive which allow new engines other than V8s and new car shapes, including two-door coupes.

The sport has already announced plans to drop the ‘V8’ from its title – which could now begin in July rather than 2017, as previously-announced.

Quite how that will impact the series is yet to be seen but Warburton says the new sponsorship deal will help.

“It’s important on a range of levels in terms of confidence. And also it’s an obligation of V8 Supercars to do the very best job it can for the teams,” he said.

“Our objective is to become a top three sport.

“To never usurp the big footy codes – NRL and AFL but to be everyone’s second favourite sport.”

The 2016 series begins with the Clipsal 500 in Adelaide this weekend.