Santander-Ferrari Formula One Sponsorship Comes to an End

What: Spanish bank Santander will not renew its Formula One sponsorship of Ferrari from next season.
Why it matters: Santander has an annual marketing budget of €450m (approximately US $540 million), much of it going to the Spanish football league and Latin American football’s Copa Libertadores.

Spanish bank Santander will not renew its Formula One sponsorship of Ferrari from next season, after seven years and €280m (approximately US$ 336 million) backing the sport’s most illustrious team.

Ferrari and Santander first formed their red alliance in 2010, when the Spanish bank was run by F1 enthusiast Emilio Botín and the Spanish driver Fernando Alonso was joining the team. The Italian team has not won a single championship since 2007.

Now run by Emilio’s daughter, Ana, the bank, is reported to have turned down a Ferrari request to renew the primary sponsorship  €40m (aprox. US $ 50 million) deal– although it may yet opt to continue as a secondary sponsor.

Juan Manuel Cendoya, head of marketing and communication at Santander, believes Ferrari's investment in Ferrari has been fruitful, claiming the return was higher than the marketing spend. Formula One has a global audience of about 400 million.

Santander has an annual marketing budget of €450m (approximately US$ 540 million), much of it going to the Spanish football league and Latin American football’s Copa Libertadores.

The league recently unveiled its rebrand to modernize its look and attract new fans. It will also help attract new sponsorship packages.


Editorial Staff @portada_online

Portada Staff

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