Spanish bank Santander will reportedly not renew its Formula 1 sponsorship of Ferrari at the end of this year, after spending seven years and €280M ($333.3M) "backing the sport’s most illustrious team," according to Stephen Burgen of the London GUARDIAN. The bank became Ferrari's primary sponsor in '10 when Spanish driver Fernando Alonso joined the team and Santander was still run by F1 enthusiast Emilio Botín. Spain's El Confidencial reported Santander, now run by Botín's daughter, Ana, "has turned down Ferrari's request to renew the deal," valued at €40M ($47.6M) per year, "although it may choose to continue as a secondary sponsor." Santander Head of Marketing & Communication Juan Manuel Cendoya "has said on various occasions that the investment in Ferrari has been money well spent" (GUARDIAN, 11/26). THE DRUM's John Glenday reported Santander has not yet indicated "how or if it will reallocate its marketing spend for next year, although the lion's share" of its €450M ($535.6M) marketing budget will continue to go to the Copa Libertadores. F1 "recently unveiled its rebrand" to modernize its look and attract new fans and sponsorship packages (THE DRUM, 11/27).
