Ferrari has announced that UniCredit will replace Santander as its partner, following the end of its agreement with the Spanish bank.
The multi-year partnership with UniCredit is set to start in 2025, after Ferrari’s current deal with Santander concludes on December 31, ending a three-year collaboration.
The partnership, which started in January 2022 after an earlier stint from 2010 to 2017, saw Santander as a key partner in Ferrari’s motorsport activities. Santander has served as a Premium Partner of Scuderia Ferrari in Formula One and supported the Le Mans Hypercar (LMH) programme.
Ferrari’s F1 sponsorship revenue last season was estimated to be just under $250m, with Spanish bank Santander being the largest contributor.
Lorenzo Giorgetti, Chief Racing Revenue Officer of Ferrari, commented: “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.”
Santander has a longstanding history of collaborating with racing teams, having previously sponsored McLaren in the past. The bank has also suggested that this deal won’t be its last in the sector, as it looks for new partners.
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.”
Ferrari has not yet disclosed any further details about its agreement with UniCredit.
Recently, there have been significant developments in Formula One sponsorship. Last month, the Dutch gaming authority, De Kansspelautoriteit (KSA), ordered Formula One to remove all advertising related to Stake, which is currently in the first year of its two-year title sponsorship deal with the Sauber team.
