Formula 1 (F1) motor racing giants Ferrari have today announced a new sponsorship deal with UniCredit, the Italy-based banking and financial services firm, just days after ending their partnership with Santander.
The multi-year agreement with UniCredit will commence on January 1, 2025.
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The tie-up will see the Italian bank become a major partner of the F1 team.
The exact nature of the sponsorship has not been revealed but UniCredit is expected to come in as a straight replacement for the departing Santander, whose logo was carried on Ferrari’s cars, race suits and caps.
UniCredit has previously sponsored tennis tournaments and European soccer’s UEFA Champions League and will now make its entry into F1.
Ferrari and Santander announced on Friday that they will not renew their sponsorship deal when it expires at the of the year.
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By GlobalDataThe existing three-year contract with the Spanish bank will end on December 31.
The partnership, which began in January 2022 after a previous collaboration from 2010 to 2017, saw Santander become a major sponsor of multiple Ferrari teams.
Santander has been a premium partner of Scuderia Ferrari in F1 and a partner in the Le Mans Hypercar programme.
Last season’s F1 sponsorship revenue for Ferrari was just under $250 million – of which Santander was the largest contributor.
Ferrari's other premium sponsors include HP, Puma and Shell. HP was unveiled as the team's new title sponsor in April.
In terms of Ferrari sponsorship activity in 2024, the team has brought in private market asset management company Z Capital Group, Peroni Nastro Azzurro 0.0%, and extended with both Bang & Olufsen and Celsius.
Having previously also sponsored McLaren in the past, Santander will now look 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.”
