Ferrari Announces End Of Long-Term Partnership

Saajan Jogia | Aug 31, 2024

Jun 8, 2024; Montreal, Quebec, CAN; Ferrari driver Charles Leclerc (MCO) races during FP3 practice session of the Canadian Grand Prix at Circuit Gilles Villeneuve. Mandatory Credit: David Kirouac-USA TODAY Sports / David Kirouac-USA TODAY Sports

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

The Santander Bank not only partnered with Ferrari in Formula 1 but also supported the outfit in its Le Mans Hypercar (LMH) program. Ferrari released a press statement dated 30 August 2024, announcing the split with Santander. It read:

"Maranello, August 30, 2024 - Ferrari N.V. (NYSE/ EXM: RACE) (‘Ferrari’ or the ‘Company’) announces the termination of the partnership between Ferrari S.p.A., its wholly-owned subsidiary, and Santander, effective as of December 31st, 2024 since the committed three-year contract will end.

"The partnership, which began in January 2022 after a previous collaboration from 2010 to 2017, saw Santander alongside our Company in the sporting activities of the Prancing Horse. Santander has been Premium Partner of Scuderia Ferrari in Formula 1 and has been our partner in the Le Mans Hypercar (LMH) programme."

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

“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.”

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

“I don't let the last two races change our expectations.

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

“I think we understood quite a few things since Zandvoort, especially on what happened on Saturday, where our performance was quite far from ideal. But on the Sunday, it was a good race. In Spa it was good as well.

“Here, it should be a bit more in the direction of Spa, so hopefully we'll be a bit more in the fight for the podium. However, for the win, I don't think we quite have that yet.”