Ferrari will lose its key sponsors and suffer a significant loss! One of the partners is even threatening legal action

The 2022 season will not be remembered well by the Scuderia Ferrari team, not only from a sporting point of view, but also from a marketing one. The Italian team from Maranello will most likely lose two of its key sponsors and there will be a huge hole in the budget.

With very negative news for Ferrari, the well-known Racing News 365 has contributed in the last few dozen hours.

According to these reports, the Italian team from Maranello is about to lose two of its main, or key, sponsors. And which ones are they?

After the first “sharp” year, the crypto company Velas ended its cooperation with Ferrari, whose brand was removed from the list of Ferrari partners. And then there’s Snapdragon, which makes semiconductor chips. Both of these sponsors are among the Scuderia’s most important.

Velas

Ferrari announced a long-term partnership with Velas at the end of 2021. The brand even appeared on the overalls of both drivers – Charles Leclerc and Carlos Sainz – during the season.

And according to the aforementioned site, Ferrari allegedly failed to comply with the clauses that allow Velas to create NFTs.

The latter, on the other hand, is said to have violated the stipulated financial terms, with both parties now considering not letting the situation go and taking appropriate legal action.

Crypto in F1

But it wouldn’t be the only crypto company in the F1 environment that owes the team money. In fact, Mercedes’ partner FTX declared bankruptcy in December last year, owing an estimated $15 million.

Cryptocurrency companies in particular have been seen more and more often in Formula 1 in recent years, taking up a bigger and bigger place on cars or suits. It should be added, Ferrari and Mercedes weren’t the only teams to have some form of partnership with them.

The Red Bull Racing team, for example, announced a multi-year partnership with Bybit in February 2022 that netted the Austrian stable an annual $50 million right off the bat. And that’s the largest contract ever recorded in the international sporting environment.

Sister team Scuderia AlphaTauri in turn has a partnership with Fantom, Aston Martin with Crypto.com, Alfa Romeo with Floki, Alpine with Binance and McLaren with Tezos.

Snapdragon

As for Ferrari and Snapdragon’s collaboration, that’s where Racing News 365 reports there is a mutual termination. As with Velas, an official announcement should come in the coming days or weeks.

In total, Ferrari is expected to lose $55 million. 30 were provided by Velas, 25 by Snapdragon.

F1, Racing News 365, Red Bull Racing