- Santander previously sponsored Ferrari from 2010 to 2017
- New deal includes logo on Formula One cars, race suits and caps
- Partnership comes amid reports that Ferrari will drop Mission Winnow branding next season
Formula One team Ferrari have revived their partnership with Spanish banking group Santander in a new multi-year deal.
Santander was previously a sponsor of the Italian motorsport outfit from 2010 to 2017, when the company ended its association with the team as it embarked on a new partnership with the Uefa Champions League, Europe’s premier club soccer competition.
However, Santander will now return as a premium partner of Ferrari, whose Formula One cars will feature the bank’s logo, which will also appear on race suits and caps.
The new partnership will also have a significant sustainability focus, with Santander set to 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 made public, but it has been reported that the pair’s previous deal was worth US$50 million per year.
John Elkann, chairman of Ferrari, said: “It’s an honour to team up again with a global financial institution like Santander, which is committed to responsible banking and has shown leadership in renewable energy finance and ESG advisory services all around the world.
“We look forward [to] partnering with them to deliver our key objective of becoming carbon neutral by 2030.”
Santander has been carbon neutral in its own operations since 2020 and has made a commitment to achieve net zero carbon emissions in all its lending, advisory and investment activities by 2050.
The company’s other partnerships in sport include the title sponsorship of La Liga, Spanish soccer’s top flight, and the Copa Libertadores, the largest club soccer competition in South America.
“We are very excited to work with Ferrari again, and support them in the green transition,” said Ana Botín, executive chairman of Santander. “Santander is fully committed to tackling climate change, and as Europe’s leading provider of auto finance, we are determined to help the auto industry as it goes green.”
News of Ferrari’s reunion with Santander comes amid reports that the team could be scaling back its main sponsorship deal with tobacco company Philip Morris International (PMI).
According to The Race, Ferrari will drop PMI’s Mission Winnow branding next season but remain in discussions with the company about continuing their long-running partnership.