Ferrari announces end of long-term partnership

Ferrari has announced that it will part ways with “Premium Partner” Santander on December 31, 2024. The announcement marks the end of a three-year partnership, which began in January 2022, although there was a previous partnership between 2010 and 2017.

In addition to working with Ferrari in Formula 1, Santander Bank has also supported the outfit in its Le Mans Hypercar (LMH) program. Ferrari issued a press release dated August 30, 2024, announcing the split with Santander. It read:

“Maranello, August 30, 2024 – Ferrari NV (NYSE/EXM: RACE) (“Ferrari” or the “Company”) announces the termination of the partnership between Ferrari SpA, its wholly owned subsidiary, and Santander, effective December 31, 2024, as the three-year contract expires.

“The partnership, which began in January 2022 after a previous collaboration from 2010 to 2017, saw Santander join our company in the sporting activities of the Prancing Horse. Santander is Premium Partner of Scuderia Ferrari in Formula 1 and is our partner in the Le Mans Hypercar (LMH) program.”

Lorenzo Giorgetti, Chief Racing Revenue Officer of Ferrari, said:

“As our successful partnership with Santander comes to an end, we would like to express our gratitude for their dedication and partnership throughout our journey together. They have played a significant role in contributing to our achievements over the past three years.”

Juan Manuel Cendoya, Santander’s Global Head of Communications, Corporate Marketing and Research and Vice President of Santander Spain, said:

“We are extremely grateful to Ferrari for their partnership over the past three years. Sponsorship plays an important role in engaging customers and strengthening our brand and we will continue to work with a range of partners in the years to come.”

With Formula 1 returning to Ferrari’s home circuit of Monza this weekend, Charles Leclerc remains hopeful of a strong result at the Italian Grand Prix. However, he admitted the team is still struggling with the SF-24’s pace issues. He told the media:

“I won’t let the last two races change our expectations.

“We are in a difficult period for the team. We are struggling a bit with pace at the moment.

“I think we’ve understood quite a bit since Zandvoort, especially what happened on Saturday, where our performance was far from ideal. But on Sunday it was a good race. In Spa it was good too.

“Here it should be a bit more towards Spa, so hopefully we’ll be a bit more in the fight for the podium. For the win, I don’t think we’ve quite got that yet.”