F1 News: After losing Santander, Ferrari announces a replacement

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.

Press Release

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.”

The timing of Santander’s expiring three-year deal with Ferrari could align with supporting Sainz at his new team.