Ferrari to lose major backer Santander

Ferrari looks set to lose major sponsor Santander.

The El Confidencial publication reports that the Spanish bank's chief Ana Botin has decided against extending the EUR 40 million per year deal.

"According to sources close to the talks, Santander rejected Ferrari's proposal to continue as the main partner after eight years," the report said.

El Confidencial explained that although those talks did not go well, the company could actually stay at Ferrari as a minor sponsor.

(GMM)