Santander In £16m Switch To Ferrari
The chairman of Santander has confirmed that the Spanish bank will switch its principal sponsorship of F1 team McLaren to rival Ferrari at the end of next season in a deal believed to be worth £16m a year.
Rumours had been rife that Santander would change its F1 sponsorship strategy at the end of its existing deal with McLaren which expires at the end of 2009 – speculation that the bank’s chairman Emilio Botin has confirmed.
It is thought that the deal will result in Fernando Alonso, Spain’s two-time world champion, switching from Renault to Ferrari.
Alonso, a McLaren driver when Santander agreed its initial sponsorship contract with the team, is central to the Spanish bank’s involvement in F1.
Ferrari’s two drivers, Felipe Massa and Kimi Raikkonen, are under contract until the end of 2010. But Raikkonen, who admitted to lacking motivation during a season in which he lost his crown to Hamilton, could be paid off early.
