Report: Ferrari to lose Santander sponsorship

Ferrari are poised to lose a major sponsor in Santander at the end of 2017, according to reports in Spain.

According to El Confidencial, the Spanish banking group has declined a proposed new deal from the Scuderia worth £35million and are set to end their major sponsorship after seven years.

Santander became partners with Ferrari when Fernando Alonso joined the team in 2010 and continued their relationship after the Spaniard left for McLaren in 2014.

But Santander has now changed hands from Formula 1 fan Emilio Botin to his daughter, Ana, and she has reportedly decided not to sign a new major deal.

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While Ferrari should have no issues finding a new major deal, there is financial pressure on the Scuderia as Liberty try to level up the playing field by sharing the prize pot and scrapping the £100m bonus that the Prancing Horse get for being in Formula 1.

There is a possibility that Santander could stay on as a secondary sponsor, but at a fraction of the initial £35million deal put on the table.

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