Formula 1: Major Ferrari sponsor leaving for a new team after 2024

As a seasoned gamer who’s spent countless hours racing virtual cars and keeping a close eye on real-life Formula 1, it’s clear that this Santander-Ferrari saga is more than just a corporate decision. It seems like the bank has got a soft spot for Spanish drivers, and I can’t help but draw parallels with my own gaming life – where every game has its own hidden ‘driver preferences’.

Next year after the 2024 Formula 1 season, Santander, currently one of Ferrari’s main sponsors, plans to leave the team because their partnership agreement with Santander ends when the season finishes.

The deal began in 2021 and is valued at $60 million per year for the Maranello-based team.

This upcoming goodbye signals that Santander is parting ways with Ferrari for a second time, having been associated with them from 2010 to 2017. In the near future, Ferrari must secure a fitting alternative to fill the shoes of their major benefactor.

Timing of Santander’s departure is no coincidence

Santander is a well-known international banking institution, hailing from Spain. In the year 2010, they became associated with Ferrari, coinciding with the time when Fernando Alonso joined the racing team. However, Santander parted ways with Ferrari only a few seasons following Alonso’s departure from the team.

The bank entered into a fresh partnership with Ferrari, effective from 2021, marking Carlos Sainz Jr.’s first year with the team. However, come the end of the 2024 season, Sainz will depart, and Lewis Hamilton is slated to take his place. Meanwhile, it appears that Santander may also be on its way out.

It appears quite evident that Santander values Spanish drivers and is likely to keep backing a team with one on board. Given this, they might choose to go with Sainz and move to Williams, where he will replace Logan Sargeant as the full-time driver starting next year.

Last week, it was announced that Franco Colapinto would take over from Logan Sargeant as a mid-season substitute. Not long after, Globant and Mercado Libre also became sponsors for the Williams racing team.

It comes as no surprise to see big Argentinian companies backing an Argentinian driver on such a big stage in motorsport. James Vowles confirmed that more Argentinian companies have been contacting Williams over potential sponsorship deals following Colapinto’s arrival.

In 2025, it’s possible that Santander joining the team at the Grove base might bring significant financial benefits, since Williams are known for being careful with their expenses and budgeting. This potential partnership could give them the resources to progress, considering their ambitious goals for Formula 1 in 2026, marking a new era in the sport.

For Ferrari, the departure of their main sponsor is undoubtedly a significant financial setback. Yet, given the global popularity of Ferrari’s Formula 1 division, it’s likely that numerous other businesses would be eager to collaborate with the iconic Italian racing team in the future.

2024-09-04 13:32