Spanish bank Santander has confirmed its exit as a sponsor from Formula 1 after 11 seasons following the conclusion of the 2017 campaign last weekend in Abu Dhabi.
Santander has acted as a major sponsor for Scuderia Ferrari since 2010, with its branding appearing on the team’s F1 cars, driver overalls and kit.
Santander first arrived as a sponsor in F1 in 2007 with McLaren following its signing of Spanish driver Fernando Alonso, whose move to Ferrari paved the way for a fresh commercial deal.
Away from teams, Santander also acted as the title sponsor for the British Grand Prix and Spanish Grand Prix in the past, but will now end all its F1 activities in favor of a new deal with soccer’s UEFA Champions League competition.
“At the end of this year, Santander will conclude its successful sponsorship of the Formula One racing team, Scuderia Ferrari, which it has supported for the last eight seasons,” a statement from Santander reads.
“The bank will also conclude its corporate sponsorship agreements with F1 which have helped increase Santander’s brand recognition around the world over the last 11 years.”
The loss of the Santander deal comes not long after Ferrari chairman Sergio Marchionne questioned its future in F1 due to concerns over its future direction.