Santander to Conclude Ferrari Sponsorship Deal at End of 2024
In a significant development in the world of Formula 1 news, Santander and Ferrari have announced that their sponsorship agreement will come to an end at the conclusion of the 2024 season.
The three-year contract, worth a reported $60 million annually, was agreed upon in 2021, renewing a partnership that initially ran from 2010 to 2017.
As a Premium Partner of Scuderia Ferrari in Formula 1, Santander’s logo has been prominently displayed on the Ferrari F1 cars, caps, and race suits. The Spanish bank has also been involved in Ferrari’s Le Mans Hypercar (LMH) program, which has achieved back-to-back victories at the Le Mans 24 Hours.
Ferrari’s F1 sponsorship revenue for the previous season totaled an estimated $250 million, with Santander being the largest contributor. In a statement, Ferrari announced the termination of the partnership, effective December 31, 2024, as the committed three-year contract comes to an end.
Santander’s global head of communications, corporate marketing, and research, Juan Manuel Cendoya, expressed gratitude to Ferrari for their partnership over the past three years. While Cendoya did not confirm whether Santander would seek new partnerships in F1, there is a possibility that the bank could follow Spanish driver Carlos Sainz from Ferrari to Williams.
Sainz, who will be replaced by Lewis Hamilton at Ferrari next season, recently signed a two-year contract with Williams. The timing of the expiration of Santander’s agreement with Ferrari means it could feasibly back the Spanish driver and his new squad.
Williams team boss James Vowles denied that Sainz’s arrival was a commercial decision, but acknowledged that the news of his signing could push existing talks with sponsors over the line. Vowles emphasized that performance is the key to securing sponsorship income in Formula 1.
In related news, Williams recently dropped Logan Sargeant following a crash during free practice for the Dutch Grand Prix and replaced him with Argentinian Franco Colapinto. Two companies founded in Colapinto’s homeland, Globant and Mercado Libre, joined Williams as sponsors in the days that followed.
Vowles clarified that no sponsor was involved in Colapinto’s signing, and that the recruitment was based solely on his performance. The Williams team boss expressed confidence that the team’s performance-driven approach would lead to more success in the future.
Stay tuned for more Formula 1 news, Formula 1 sponsorship updates, and the latest developments in the world of car racing news.
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