Reports in Spanish media suggest that the bank will not be renewing its partnership with Ferrari from next season, handing the vehicle manufacturer a severe financial blow after earning €280m over the course of the relationship.
Ferrari and Santander first formed their red alliance in 2010, when the Spanish bank was run by F1 enthusiast Emilio Botín, but the Italian team haven’t won a single championship since 2007.
Now run by Emilio’s daughter, Ana, the bank is reported to have turned down a Ferrari request to renew its run as primary sponsor for €40m – although it may yet opt to continue as a secondary sponsor.
Despite Ferrari’s lack of trophies Santander believes its association has proven fruitful with marketing and communications chief Juan Manuel Cendoya of the belief that every Euro given to Ferrari has been returned and more.
Santander hasn’t yet indicated how or if it will reallocate its marketing spend for next year, although the lion’s share of its €450m marketing budget will continue to go to South American football team Copa Libertadores.
The league recently unveiled its rebrand to modernise its look and attract new fans. It will also help attract new sponsorship packages.
Santander recently partnered with TfL to celebrate Pride with rainbow design bikes.