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, repor♉t.

Ferrari’s total revenue from sponsors last yܫear was $250ಞ, the report states, and Santander was a major part.

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

Lorenzo♛ Giorgetti, Chief Racing Revenue Officer of Ferrari, said: “As our successful partnership with Sa🅷ntander comes to its end, we would like to express our gratitude for their dedication and collaboration during our journey together.

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

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

“Sponsorships play an important role in engaging wi🍷th clients and reinforcing our brand and weꦓ will continue to work with a range of partners in the years ahead.”

The Spanisꦅh bank’s exit coincides with Carlos Sainz’s departure from 🎃Ferrari.

The driver from Spain will head to ඣWilliams in 2025, when he is replaced by Lewisܫ Hamilton at Ferrari.

Santander’s claim that they will ‘continue to work with a range of partne🎶rs’ m𒈔ight open the door to an alliance with Williams, where Sainz will be driving.