F1
Santander to End $60M Sponsorship with Ferrari as Carlos Sainz Departs: A New Era for Both Parties
Spanish bank to terminate $60 million sponsorship agreement with Ferrari upon Carlos Sainz's departure
Primary sponsor to end association with Ferrari
Santander plans to conclude their sponsorship arrangement with Ferrari once this season wraps up.
According to Motorsport, the contract between the Spanish bank and the Formula 1 team was valued at $60 million annually.
According to the report, Ferrari earned $250 in total revenue from sponsors last year, with Santander contributing significantly.
Their partnership is set to terminate upon the expiration of their current agreement on December 31, 2024. Santander and Ferrari collaborated from 2010 to 2017 and have resumed their cooperation since 2022.
Lorenzo Giorgetti, who serves as Ferrari's Chief Racing Revenue Officer, expressed appreciation by stating: "As our fruitful collaboration with Santander concludes, we want to thank them for their commitment and teamwork throughout our time together."
“They have been crucial in helping us reach our goals in the last three years.”
Juan Manuel Cendoya, who serves as the global head of Communications, Corporate Marketing, and Research at Santander and also holds the position of vice chair at Santander Spain, expressed his gratitude by saying, "We deeply appreciate Ferrari for their collaboration over these last three years."
"Collaborations through sponsorships are crucial for connecting with our clients and strengthening our brand, and we plan to maintain partnerships with various organizations in the future."
The departure of the Spanish bank happens at the same time as Carlos Sainz leaving Ferrari.
The Spanish driver will join Williams in 2025, as Lewis Hamilton takes his place at Ferrari.
Santander’s statement about their intention to ‘keep collaborating with various partners’ could potentially lead to a partnership with Williams, the team for which Sainz will be racing.
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