BREAKING NEWS: Ferrari Announces New Multi-Year Partnership From 2025……Read more
Ferrari Announces New Multi-Year Partnership with UniCredit Starting in 2025
Ferrari has officially announced a new multi-year partnership with Italian banking giant UniCredit, set to begin in 2025. This strategic move follows the recent conclusion of Ferrari’s three-year collaboration with Spanish bank Santander. The deal with UniCredit marks the bank’s first foray into Formula 1, replacing Santander as Ferrari’s key financial partner.
UniCredit, a well-known entity in the sports sponsorship world, previously associated with tennis tournaments and the UEFA Champions League, will now enter the high-octane world of Formula 1 through this partnership with Ferrari. Although the exact length and financial terms of the deal have not been disclosed, it is expected that UniCredit’s sponsorship will either match or surpass Santander’s contributions. The move is anticipated to play a significant role in bolstering Ferrari’s revenue, which saw $250 million in sponsorship last year.
Ferrari announced the partnership on its official website, stating:
“Maranello, September 2, 2024 – Ferrari NV (NYSE/EXM: RACE) (‘Ferrari’ or the ‘Company’) announces that, effective January 1, 2025, UniCredit SpA will partner with Ferrari SpA, its wholly-owned subsidiary, to support its Formula 1 racing activities under a multi-year agreement.”
The decision to partner with UniCredit comes on the heels of Ferrari’s amicable separation from Santander, which had been a significant sponsor over the past three years. The partnership, which began in January 2022, also marked a return to collaboration after a previous engagement from 2010 to 2017. During this time, Santander was not only a Premium Partner of Scuderia Ferrari in Formula 1 but also supported Ferrari’s Le Mans Hypercar (LMH) program.
Santander’s exit from Ferrari was confirmed by Juan Manuel Cendoya, the global head of Communications, Corporate Marketing, and Research for Santander, and vice chair of Santander Spain, in a statement released on August 30, 2024. He expressed gratitude for the collaboration with Ferrari and highlighted the importance of sponsorships in enhancing client engagement and brand visibility. Cendoya did not explicitly mention whether Santander would continue its involvement in Formula 1, though speculation has arisen that the bank might follow Spanish driver Carlos Sainz, who is set to join Williams following his tenure with Ferrari.
The introduction of UniCredit as Ferrari’s new sponsor signals a fresh chapter for the Maranello-based team. Ferrari’s Chief Racing Revenue Officer, Lorenzo Giorgetti, acknowledged the successful relationship with Santander while expressing optimism for the future under the new partnership with UniCredit. Giorgetti commented:
“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.”
Ferrari’s statement on the termination of their agreement with Santander reiterated the positive impact the partnership had on the team’s sporting endeavors. The decision to part ways was described as a natural conclusion to the committed three-year contract, with the final day of the partnership set for December 31, 2024. Ferrari’s announcement also acknowledged the historic contributions of Santander, particularly during their previous collaboration, which laid the groundwork for their more recent successes.
As UniCredit prepares to take on the role of Ferrari’s primary sponsor in Formula 1, expectations are high for what this new partnership could bring. UniCredit’s entry into the world of Formula 1 represents a significant shift in their sponsorship strategy and an opportunity to strengthen their brand on a global stage. For Ferrari, this partnership could provide the financial support needed to push the team back to the forefront of the Constructors’ Championship and continue their legacy of excellence in motorsport.
The transition from Santander to UniCredit underscores the evolving landscape of Formula 1 sponsorships, where strategic alliances can greatly influence the success and visibility of teams. With the new agreement set to begin in 2025, the racing world will be watching closely to see how this partnership impacts Ferrari’s performance both on and off the track.
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