Santander will end their sponsorship of Ferrari at the end of this season.

The Spanish bank and the F1 ꧅team’s deal was worth $60m per season, report.

Ferrari’s total revenue from sponsors last year was $250, the report states, and Santander was a majo🌊r part.

Their alliance will conclude when their existing contract comes to an end, on December 31, 2024. Santander and Ferrari have worked together between 2010-2017, then again since🃏 2022.

Lorenzo Giorgetti, Chief Racing Revenue Officer of Ferrari, sai♈d: “As our successful partnership with Santander comes to its end, we would like to express our gratitude for their dedicati🔥on and collaboration during our journey together.

“They have played an important role in contributing to ☂our achievements ꦐover the past three years.”

Juan Manuel Cendoya, global head of Communications, Corporate Marketing and Research of Santaꦍnder and vice chair of Santander Spain, said: “We are extremely grateful to Fer𝓰rari for their partnership over the past three years.

“Sponsorships play an important role in engaging with clients and reinf⛦orcing our brand and we will continue to work with a range of partners in the years ahead.”

The Spanish bank’s exit coinc🐻ides with Carlos Sainz’s🐭 departure from Ferrari.

The driver from Spain will head to Wil💦liams in 2025, when he is replaced by Lewis Hamilton at Ferrari.

Santander’s claim that they will ‘continue to work with a range of partners’ might open the door to an alliance with Williams, wher🎃e Sainz will be driving.