Bank agrees to 5-year sponsorship deal with Ferrar F1 team

Published 10:18 pm Thursday, September 9, 2010

MONZA, Italy — Ferrari says it has entered into a five-year agreement to be sponsored by Banco Santander through 2014.

Banco Santander president Emilio Botin refused to reveal financial terms of the deal with the Formula One team, but said it was “a clear message of strength and determination.”

Ferrari president Luca di Montezemelo downplayed questions that the deal meant Ferrari would sign Spanish driver Fernando Alonso from Renault.

The bank name will be the cars and drivers’ clothing.

Banco Santander’s three-year sponsorship of McLaren ends this year.