A source said: “The deal is ostensibly between broadcaster Fox and Freemantle who make the show, not between Simon and his company Syco.
“But it’s a massive coup for him and shows how the big brands are all desperate to be associated with a man seemed to have the Midas touch.”
The sponsorship deal is a huge boost for the music mogul as he prepares to launch the Stateside show next year, with main rival, Simon’s former show ‘American Idol’, enjoying a similar yet smaller deal with Coco-Cola worth $35 million.
The source added to the Daily Mirror newspaper: “the icing on the cake is that American Idol – which Simon used to be a judge on – is sponsored by Pepsi’s biggest rival. Simon is absolutely thrilled.”
Details of the show are still being kept under wraps with Simon set to announce the panel of judges – rumoured to include Cheryl Cole, Nicole Scherzinger, Noel Gallagher and George Michael – early next year.