Ferrari set to end long-term partnership with reported $60,000,000-a-year sponsors

The Ferrari F1 team is set to end its long-term partnership with Spanish banking giant Santander at the end of the 2024 season. The Italian team and the Spanish bank have a long history as they first partnered up together from 2010 to 2017.

Santander returned as a sponsor for the Maranello-based outfit in 2022 following the signing of Carlos Sainz from McLaren to replace Sebastian Vettel in 2021. The three-year deal with the banking concern, reportedly worth $60 million every year, was one of Ferrari's most lucrative in their portfolio.

Ferrai in their official statement announcing the termination of the deal beyond 2024 said:

“Ferrari announces the termination of the partnership between Ferrari S.p.A., its wholly-owned subsidiary, and Santander, effective as of December 31st, of 2024 since the committed three-year contract will end.

The statement included words from Lorenzo Giorgetti, Chief Racing Revenue Officer:

“As our successful partnership with Santander 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.”

The termination of the deal is coincidental with Sainz's departure from the team at the end of the 2024 season to make way for Lewis Hamilton next year. However, there is no word on whether Santander will partner with Williams F1 next year as Sainz heads to the Grove-based outfit on a multi-year deal.

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Ferrari driver Carlos Sainz analyzes his P5 in the Italian GP qualifying

Carlos Sainz has said he knew that the qualifying session in Monza on Saturday was going to be close. Sainz qualified P5, a few thousandths of a second behind his teammate Charles Leclerc.

Speaking with F1.com, the Spaniard said:

"We knew it was going to be close. Pole was a tenth away and that’s obviously frustrating. Looking at the data afterward you always think you could have done better here or there, but the track temperature dropped a bit in Q3 and because of this maybe we picked up some extra understeer that didn’t help.

"However, I feel like we pretty much extracted the maximum today and I remain confident for tomorrow."

The Spanish driver added:

"with a solid race execution, we should target gaining positions and offer our Tifosi a good show".

Sainz would hope for a memorable outing in the main race on Sunday to cap off his 30th birthday and his final Italian GP with the Maranello-based outfit on the best note.

The Ferrari driver had finished on the podium last year in a brilliant battle to see off his Monegasque teammate in the final laps of the race.