Santander ends Ferrari sponsorship deal after eight years

A major sponsor of the Ferrari Formula 1 team has chosen not to renew its sponsorship deal with the Italian outfit, bringing an end to Santander's eight-year relationship with the team.

The Spanish banking giant's logos have been adorned across Ferrari's front and rear-wings, as well as their team kit and driver overalls, for the past few years after they switched teams, having originally sponsored McLaren.

The announcement comes on the same day as Santander's confirmation of a new three-year deal to sponsor the UEFA Champions League through to 2021.

"Ferrari and F1, to whom we are very grateful, have played an important role at Santander over the past 10 years," Banco Santander Executive Chairman Ana Botín said.

"We will continue our support of sport because it is a valuable way to contribute to the prosperity of the communities where we work."