Ferrari and Santander announce end of sponsorship

Santander and Ferrari will end their sponsorship agreement at the end of 2024 as the deal reportedly worth $60 million a year expires.

In 2021, a three-year contract was signed, extending a partnership that originally ran from 2010 to 2017.

As well as featuring on Ferrari F1 cars, caps and racing suits, Santander was also seen in the team’s 499P Le Mans Hypercars, which have won the last two editions of the Le Mans 24 Hours.

Ferrari’s total Formula 1 sponsorship revenues last season were estimated at just under $250 million, with Spanish bank Santander being the largest contributor.

“Ferrari announces the termination of the partnership between Ferrari SpA, its wholly owned subsidiary, and Santander, effective December 31, 2024, as the established three-year contract expires,” a statement said.

“The partnership, which began in January 2022 after a previous collaboration from 2010 to 2017, saw Santander team up with 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.”

Santander, which previously sponsored McLaren, said it is now looking for new partners.

Juan Manuel Cendoya, Global Head of Communications, Corporate Marketing and Research at Santander, said: “We are extremely grateful to Ferrari for their partnership over the past three years.

Carlos Sainz, Scuderia Ferrari, 1st position, celebrates his victory on the podium

Photo by: Sam Bloxham / Motorsport Images

“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 ahead.”

While Cendoya would not confirm whether the new partnership opportunities lie in Formula 1, there is a possibility it could bring Spanish driver Carlos Sainz from Ferrari to Williams.
Sainz will be replaced at Ferrari by Lewis Hamilton next season. He recently signed a two-year contract with Williams.

The timing of Santander’s three-year contract with the Prancing Horse expiring means it is likely to back the Spanish driver and his new team.

Williams team boss James Vowles dismissed suggestions that Sainz’s arrival was partly a commercial decision, but admitted that news of the three-time race winner’s arrival could derail existing discussions with sponsors.

“If we move away from this, the real commercial advantage for all Formula 1 teams is simply performance,” he said.

“If you make your car faster, or if you have drivers pushing your car, or if drivers pushing each other and pushing the car, that in turn gives you a position in the championship and sponsorship income.

“It’s not like you’re going to have the phone ring overnight and someone is going to offer you 20 million. It doesn’t happen like that, but it’s part of the journey we’re on.

“What I can say is that we have been in discussions with existing sponsors for six months now, and for them it may have been the extra trigger that pushed them over the line, but that is not necessary.

Franco Colapinto, Williams FW46

Photo by: Simon Galloway / Motorsport Images

“I’ve been consistent in that message and sponsor the same thing, so it doesn’t change everything overnight, but it will lead to more success in the future. I’m confident, but it’s a performance-driven aspect.”

Last week Williams had to drop Logan Sargeant after a heavy crash during free practice for the Dutch Grand Prix.

He was replaced by Argentine Franco Colapinto, with two companies – Globant and Mercado Libre – both founded in his home country, joining Williams as sponsors in the days that followed.

“What I want to make very clear is that there was no sponsor involved in his signing,” Vowles said ahead of Colapinto’s debut in Monza.

“We actually recruited him without knowing anything about the future. What happened after that is that many Argentine companies contacted us. It’s not over yet, because the phone is still ringing.

“But they just pay the market price. So it has little to do with Franco Colapinto; when we chose him, there was no financing involved.”

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