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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.

Ferrari and Santander initially formed their red association in 2010, when the Spanish bank was run by F1 fan Emilio Botín, but the Ferrari F1 haven’t won a single championship since 2007.

Now run by Emilio’s daughter, Ana, the bank is reported to have turned down a Ferrari request to renew its run as primary sponsor for €40m – although it may yet opt to continue as a secondary sponsor.

Even with Ferrari’s lack of trophies Santander believes its association has proven fruitful with marketing and communications chief Juan Manuel Cendoya of the belief that every Euro given to Ferrari has been returned and more.

Santander hasn’t yet indicated how or if it will alter its marketing spend for next year, although the lion’s share of its €450m marketing budget will continue to go to South American football team Copa Libertadores.

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