Formula 1: Major Ferrari sponsor leaving for a new team after 2024

Ferrari’s biggest sponsor in Formula 1 will be departing the team after the 2024 season, as their current deal with Santander will expire once the season concludes.

The deal began in 2021 and is valued at $60 million per year for the Maranello-based team.

This impending departure marks the second time Santander will be leaving Ferrari, as their initial partnership spanned from 2010 to 2017. Ferrari will have to find a suitable replacement in the coming months to replace their biggest sponsor.

Timing of Santander’s departure is no coincidence

Santander is a large bank on a global scale, and it proudly originates from Spain. They joined Ferrari in 2010, which is when Fernando Alonso joined the team. Santander left Ferrari just a few seasons after the Spanish driver left the team.

The bank proceeded to strike another sponsorship deal with Ferrari starting in 2021, which was Carlos Sainz Jr.’s first season with the team. Now Sainz is set to leave the team after the 2024 season, with Lewis Hamilton set to replace him, and Santander is again set to leave as well.

It seems quite clear that Santander appreciates Spanish drivers and would likely continue to support a team that employs one. With that being said, they could follow Sainz to Williams, as he is set to join the Grove-based team next year as Logan Sargeant's full-time replacement.

When Franco Colapinto was announced as Logan Sargeant’s mid-season replacement last week, Globant and Mercado Libre joined Williams as sponsors for the team shortly thereafter.

It comes as no surprise to see big Argentinian companies backing an Argentinian driver on such a big stage in motorsport. James Vowles confirmed that more Argentinian companies have been contacting Williams over potential sponsorship deals following Colapinto's arrival.

Santander’s potential arrival to the Grove-based team in 2025 could provide crucial revenue, as Williams tend to be more conscious of their spending and budgeting. Such a deal could truly allow the team to move forward, given their high aspirations heading into the next generation of Formula 1 in 2026.

As for Ferrari, losing their largest sponsor will surely be a major blow to their revenue stream. However, Ferrari’s Formula 1 entity is still very popular throughout the world, and there will certainly be lots of other companies looking to strike a deal with the Italian team instead.