Ferrari poised to lose Santander sponsorship

Scuderia Ferrari are poised to lose their Santander sponsorship at the end of the year, according to Spanish reports.

After a seven-year sponsorship deal, the Spanish banking giant has declined an offer to renew a deal work £35 million from the Scuderia.

Santander first became a major sponsor of the team when Fernando Alonso was signed by Ferrari in 2010, and the sponsorship continued after the Spaniard left the team in 2014.

However, there is a possibility that the Spanish bank could remain a sponsor of the Prancing Horse as a secondary one, with only a small fraction of the £35 million.

The decision has come after Santander has reportedly changed hands from Emilio Botin to his daughter, Ana, who reportedly has little interest in signing a new deal.

Ferrari should have little trouble finding a new major sponsor, however, the Scuderia face financial pressure as new Formula 1 owners Liberty Media attempt to level the playing field and open the risk of Ferrari losing their £100 million loyalty bonus.

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