Banco Santander, Ferrari’s main Spanish sponsor, will not renew its partnership with the team after the current contract expires this year.
This bank provided Ferrari with strong financial support, first when Fernando Alonso raced for the Maranello team, and resumed it when Carlos Sainz became the Scuderia’s driver. According to the Madrid newspaper Marca, the three-year contract signed in 2022 included the possibility of extension, but the bank’s management will not do so.
It is clear that this is somehow related to the fact that Sainz will have to say goodbye to Ferrari, for which he has been driving since 2021.
At the same time, it is possible that another form of interaction with Formula 1 will be found, since the connection with motorsport is an important part of Santander’s image. But it is not a fact that in the future the bank will rely on cooperation with a specific team, but rather on the championship as a whole, given the rapid growth of Formula 1’s popularity. Such experiences already exist, since in the past Santander has been the title sponsor of individual Grand Prix more than once.
“We are very grateful to Ferrari for the collaboration over the past three years. Sponsorship plays an important role in attracting customers and strengthening our brand, and we will continue to work in this direction in the coming years,” the bank said in a statement.
The amount of support the Spanish financial giant has provided to Ferrari over three seasons is estimated at 20 million euros per year.
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.
