Cape Town - Ferrari will be on the look-out for a new major sponsor for
the 2018 season after long-time partners Santander confirmed they are
ending all association with the sport.
Reports emerged from Spain earlier in the week that the Spanish
banking group, who first became partners with Ferrari in 2010 following
Fernando Alonso's arrival at the team, had rejected a new £35 million
deal to remain a major sponsor.
But Santander have announced that they are to sever all ties with
Ferrari and Formula One completely in favour of a new three-year
partnership with the football's Champions League.
There was an indication that Santander could have stayed with Ferrari
as a secondary sponsor at a reduced price or perhaps join forces with
Fernando Alonso at McLaren again, who are set to announce two major
sponsors during the off-season.
However, Santander say "will also conclude its corporate sponsorship
agreements with F1 which have helped increase Santander’s brand
recognition around the world over the last 11 years."