Spanish bank sponsor to end "$60m" deal with Ferrari when Carlos Sainz exits

Santander will end their sponsorship of Ferrari at the end of this season.

The Spanish bank and the F1 team’s deal was worth $60m per season, Motorsport report.

Ferrari’s total revenue from sponsors last year was $250, the report states, and Santander was a major part.

Their alliance will conclude when their existing contract comes to an end, on December 31, 2024. Santander and Ferrari have worked together between 2010-2017, then again since 2022.

Lorenzo Giorgetti, Chief Racing Revenue Officer of Ferrari, said: “As our successful partnership with Santander comes to its end, we would like to express our gratitude for their dedication and collaboration during our journey together.

“They have played an important role in contributing to our achievements over the past three years.”

Juan Manuel Cendoya, global head of Communications, Corporate Marketing and Research of Santander and vice chair of Santander Spain, said: “We are extremely grateful to Ferrari for their partnership over the past three years.

“Sponsorships play an important role in engaging with clients and reinforcing our brand and we will continue to work with a range of partners in the years ahead.”

The Spanish bank’s exit coincides with Carlos Sainz’s departure from Ferrari.

The driver from Spain will head to Williams in 2025, when he is replaced by Lewis Hamilton at Ferrari.

Santander’s claim that they will ‘continue to work with a range of partners’ might open the door to an alliance with Williams, where Sainz will be driving.