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 | | Ferrari has ended its partnership with sponsors that brought in $55 million a year (RacingNews365)6.05.2024 |
Ferrari will no longer work with two major sponsors.
According to RacingNews365, the Scuderia has completed cooperation with the crypto company Velas, which signed a long-term agreement in 2021. According to the source, Ferrari did not fulfill the terms of the deal regarding the creation of NFT images. At the same time, violations are also suspected on the part of Velas. The parties are considering the option of going to court.
In addition, work with Snapdragon, a brand of Qualcomm, which deals with semiconductors, has been discontinued, probably by mutual agreement.
The publication estimates the Scuderia`s losses at $55 million: the deal with Velas brought in $30 million, and $25 million (in cash and in the form of technical support) from Snapdragon. The parties did not comment on the information about the termination of contracts.
Ferrari has ended its partnership with sponsors that brought in $55 million a year (RacingNews365)Latest sport news
