The deal was signed by Dorna Sports CEO Carmelo Ezpeleta and Fernandes at Silverstone, which will host the event this season after agreeing a deal to take over as host from Donington Park.

AirAsia’s foray into MotoGP started when the airline sponsored AirAsia Malaysia 125cc riders Elly Idzlianizar Ilias and Mohd Zulfahmi Khairuddinfor as wild card entries in the Malaysian Motorcycle Grand Prix at Sepang back in October.

Zulfahmi will be the first ever Malaysian to compete on the world stage in the 125cc class this season with sponsorship from AirAsia.

“We had our first taste of MotoGP when we sponsored the entries of Elly and Zulfahmi,” Fernandes said. “It was a magnificent experience. The boys did Malaysia proud, and we were thrilled to have helped make their dream a reality.

“We are proud and excited to be back in the MotoGP this year, with a bigger role by being the title sponsor of the British Grand Prix in Silverstone.”

Ezpeleta was also thrilled with the deal announced as MotoGP prepares to enter a new era at Silverstone this season.

“We are extremely happy that the best low-cost airline has chosen MotoGP to increase its impact on both the European and World stage, and specifically in the United Kingdom,” he said. “It is fantastic to go back to Silverstone for this year’s race, and to do it with a new sponsor who has shown its dedication to the promotion of new talent – by sponsoring young riders last season – and the sport in general makes it even more satisfying.”

AirAsia, the company headed by Lotus F1 chief Tony Fernandes, has reached agreement with MotoGP rights holders Dorna Sports to become the title sponsor of the 2010 AirAsia British Grand Prix at Silverstone.