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Luxury car brand Lexus will fill the void left by airline Emirates and sponsor the Melbourne Cup.

Lexus will replace Emirates as the naming rights sponsor of the Melbourne Cup.

The Victoria Racing Club on Tuesday announced Toyota's luxury car brand as the new principal partner of the world's richest turf handicap, ending the Middle Eastern airline's 14-year reign.

The motor vehicle label has sponsored several races at Flemington in the Melbourne Cup Carnival, including the Lexus Stakes run on Derby Day.