Scuderia Ferrari has signed a major sponsorship deal with Spanish banking giants Grupo Santander for the next five years. In a joint press conference at the Autodromo Nazionale Monza circuit on Thursday, Ferrari president Luca di Montezemolo and Grupo Santander president Emilio Botin said that the Spanish bank will be Ferrari's "main" sponsor from the next season.
"We are very happy to have a new partner like Santander, with whom we are beginning a very important and long term collaboration," said di Montezemolo.
"We share common values, such as striving for excellence, a passion for competition, an international approach and, last but by no means least, the colour red. These values will make this a fruitful partnership, noteworthy around the world."
Although Ferrari's current title sponsor Marlboro has an agreement with Ferrari that lasts until 2011, it is not clear at this stage if Santander will be the team's new title sponsors from next season.
Santander entered into Formula 1 sponsorship through McLaren-Mercedes at the beginning of the 2007 season. The deal with McLaren runs out at the end of this season, and the Spanish bank has decided not to renew that deal but go to Ferrari instead.