The Ferrari team loses $55 million due to the departure of two major sponsors. Official statements on the termination of the cooperation are expected shortly. According to Racingnews365 we are talking about Velas and Snapdragon.
The collaboration between Ferrari and Velas was announced at the end of 2021 – in 2022 the logos of the crypto company appeared on the cars and overalls of the Scuderia racers. According to a person familiar with the matter, after regulators discovered financial irregularities in the company’s operations, Ferrari withdrew the right to release NFT images related to Velos’ team. Velos and Ferrari intend to resolve their differences in court.
This is not the first time a Formula 1 team has had to end its partnership with a cryptocurrency company. In November, Mercedes stopped cooperation with crypto exchange FTX due to the latter’s bankruptcy.
Regarding the termination of the cooperation between Ferrari and Snapdragon, the parties have reached a joint agreement.
The mobile processor maker’s logos are likely to return to Mercedes cars in the new season, as parent company Qualcomm recently announced a major joint venture with the German automaker to produce electronics for production cars.
According to various estimates, the partnership with Velas Ferrari brought in $ 30 million, and with Snapdragon – $ 25 million. For example, the departure of two sponsors causes the team to lose $55 million, which is about a quarter of the Scuderia’s revenue.
Source: F1 News
I am Christopher Clyde, an experienced journalist and content writer with a passion for sports. I have been writing about Formula 1 news for the past five years and am currently employed as an author at athletistic.com, one of the top sports websites in the US.
