Santander confirms end of partnership with Ferrari

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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.

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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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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.