Ferrari Announces New Multi-Year Partnership From 2025

Saajan Jogia | Sep 2, 2024

Charles Leclerc wins the Italian Grand Prix. / Ferrari

Ferrari confirmed that it has signed a multi-year contract with Italian banking entity UniCredit starting in 2025. The move comes shortly after the Maranello outfit ended the deal with the Spanish bank Santander after three years.

UniCredit, previously known for sponsoring tennis tournaments and the UEFA Champions League, is now set to make its debut in Formula 1. Though the duration of the sponsorship deal is yet to be known, the Milan-based bank arrives as a direct replacement for Santander.

Ferrari released a statement about the new partnership on its website. It stated:

"Maranello, September 2, 2024 – Ferrari NV (NYSE/EXM: RACE) ('Ferrari' or the 'Company') announces that, effective January 1, 2025, UniCredit SpA will partner with Ferrari SpA, its wholly-owned subsidiary, to be at its side in its Formula 1 racing activities under a multi-year agreement."

While the specifics of the sponsorship remain unclear, it is expected to match or even exceed Santander's contribution, which formed a significant part of Ferrari's $250 million revenue from sponsorship last year. Santander not only partnered with Ferrari in Formula 1 but also supported the outfit in its Le Mans Hypercar (LMH) program.

Ending the association on a healthy note, Juan Manuel Cendoya, global head of Communications, Corporate Marketing and Research of Santander and vice chair of Santander Spain, said in a statement dated August 30, 2024:

“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.”

Although Cendoya did not confirm whether the new partnerships would involve F1, there is speculation as per Autosport.com, that Santander might follow Spanish driver Carlos Sainz from Ferrari to Williams. Sainz's move to the Grove outfit comes after Lewis Hamilton announced his Ferrari switch next season. The timing of Santander's expiring three-year deal with Ferrari could align with supporting Sainz at his new team.

Announcing the split with Santander, which paved the way for UniCredit, Ferrari commented in the same statement:

"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, of 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 added:

“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.”