Spanish financial institution Santander has confirmed the end of its commercial partnership with Ferrari and its departure from Formula 1.
The bank reportedly declined to extend its sponsorship - which started in 2010 following the arrival at the House of Maranello of Fernando Alonso - worth an estimated £35 million to Ferrari.
Santander will no longer have any involvement with the Italian outfit or Formula 1, having signed a three-year partnership with the UEFA Champions League.
"Santander will also conclude its corporate sponsorship agreements with F1 which have helped increase Santander’s brand recognition around the world over the last 11 years", the company said in an official release.
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