FERRARI AND SANTANDER END THEIR PARTNERSHIP
Rhea-AI Summary
Ferrari N.V. (NYSE/EXM: RACE) has announced the termination of its partnership with Santander, effective December 31, 2024. The collaboration, which began in January 2022 following a previous stint from 2010 to 2017, will conclude as the three-year contract expires. Santander has served as a Premium Partner for Scuderia Ferrari in Formula 1 and supported Ferrari's Le Mans Hypercar (LMH) program.
Lorenzo Giorgetti, Chief Racing Revenue Officer of Ferrari, expressed gratitude for Santander's dedication and contributions to Ferrari's achievements over the past three years. Juan Manuel Cendoya, global head of Communications, Corporate Marketing and Research at Santander, acknowledged the importance of sponsorships in client engagement and brand reinforcement, indicating that Santander will continue to work with various partners in the future.
Positive
- None.
Negative
- Loss of a Premium Partner for Scuderia Ferrari in Formula 1
- End of sponsorship support for Ferrari's Le Mans Hypercar (LMH) program
- Potential reduction in racing revenue due to partnership termination
News Market Reaction 1 Alert
On the day this news was published, RACE declined 2.04%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Maranello, August 30, 2024 - Ferrari N.V. (NYSE/ EXM: RACE) (‘Ferrari’ or the ‘Company’) 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 partnership, which began in January 2022 after a previous collaboration from 2010 to 2017, saw Santander alongside our Company in the sporting activities of the Prancing Horse. Santander has been Premium Partner of Scuderia Ferrari in Formula 1 and has been our partner in the Le Mans Hypercar (LMH) programme.
Lorenzo Giorgetti, Chief Racing Revenue Officer of Ferrari, comments: “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.”
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 their partnership over the past three years. Sponsorships play an important role in engaging with clients and reinforcing our brand and we will continue to work with a range of partners in the years ahead.”
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