Ferrari looks set to be missing out on two key sponsors in a combined deal worth £45.5million.
Reports suggest that both sponsors, namely crypto company Velas and semi-conductor organisation Snapdragon, are set to pull the plug on their existing deals.
Velas and Snapdragon were both seen as important sponsors of Ferrari, but their logos have now been removed from the Scuderia’s partner list.
A leading reason for this is believed to be the fact that Ferrari did not deliver on its promise to Velas and missed out on fulfilling one of its main contractual clauses.
Velas and Ferrari entered into an alliance in 2021 and the firm was believed to have access to Ferrari’s digital content.
Velas was reportedly allowed to film any content it required and sell it to fans as part of the deal.
However, Ferrari did not allow them enough access and eventually marketed a lot of digital content themselves.
Snapdragon’s departure is reportedly far more mutual and a statement from both parties is expected to be released soon.
The loss of two sponsors will undoubtedly have some impact on Ferrari’s livery weeks ahead of the launch date.
Velas’ logo was previously seen on the back of the rear wing as well as on Charles Leclerc’s helmet. Snapdragon’s logo may have been smaller in size but was seen on the car’s halo protection device.
Recently, Mercedes had also ended its deal with crypto firm FTX following the closure of the firm.
The Silver Arrows team principal Toto Wolff explained how the crypto market is lucrative but not always the most consistent, terming it “uncontrolled”.
“Every team has sponsors like that and so does the Formula 1 organisation. Everyone would be affected,” he said.
“FTX was considered a solid company whose bankruptcy is a huge damper not only for us but for the entire crypto industry.
“This bankruptcy with a deficit of $8 billion shows how uncontrolled the entire industry is.”
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