- Santander previously sponsored Ferrari from 2010 to 2017
- The new deal includes logos on Formula 1 cars, racing suits and hats
- The partnership comes amid reports that Ferrari will drop the Mission Winnow branding next season
Formula 1 team Ferrari has renewed its partnership with Spanish banking group Santander in a new multi-year deal.
Santander previously sponsored the Italian motorsport team from 2010 until 2017, when the company ended its association with the team and entered into a new partnership with the Uefa Champions League, Europe’s premier club football competition.
However, Santander is now returning as a premium partner to Ferrari, whose Formula 1 cars will sport the bank’s logo, which will also appear on racing suits and caps.
The new partnership will also have a clear focus on sustainability as Santander will offer Ferrari a range of solutions to support the team’s efforts to become carbon neutral by 2030.
The financial terms of the agreement were not released, but it was reported that the couple’s previous deal was worth $50 million a year.
John Elkann, Ferrari Chief Executive, said: “It is an honor to once again partner with a global financial institution like Santander, which is committed to responsible banking and has demonstrated global leadership in renewable energy financing and ESG advisory services.
“We are happy [to] We are working with them to achieve our main goal of becoming carbon neutral by 2030.”
Santander has been carbon neutral in its own operations since 2020 and is committed to achieving net-zero carbon emissions in all of its lending, advisory and investment activities by 2050.
The company’s other sporting partnerships include title sponsorship of La Liga, the top division of Spanish football, and the Copa Libertadores, the largest club football competition in South America.
“We are delighted to be working again with Ferrari and supporting them in their green transition,” said Santander Executive Chairman Ana Botín. “Santander is fully committed to tackling climate change and as Europe’s leading provider of car finance, we are committed to helping the car industry go green.”
The news of Ferrari’s reunion with Santander comes amid reports that the team could scale back its main sponsorship deal with tobacco company Philip Morris International (PMI).
According to The Race, Ferrari will drop the branding of PMI’s Mission Winnow next season but will remain in talks with the company about continuing their long-standing partnership.
