Italian Formula One team Ferrari have announced that they have ended their partnership with Swiss blockchain technology firm Velas. The two had partnered on a multi-year deal back in December 2021.
A spokesperson for the team stated that both parties mutually agreed not to extend their partnership. The agreement between the two put the Velas branding present on the rear wing of the Ferrari race cars. The Swiss firm was also the title sponsor of Ferrari in the F1 Esports Series.
Ferrari told Reuters:
“Unfortunately, the agreement with Velas has been terminated early by us. We do not comment on matters that are the subject of a dispute and/or litigation.“
Recently, Ferrari have also ended their partnership with chip manufacturer Snapdragon, and it is reported that Velas and Snapdragon no longer being part of Ferrari’s sponsorship portfolio will result in a cumulative loss of US$55 million for the Italian F1 outfit.
British Formula One team Aston Martin have inked a new multi-year partnership agreement with functional…
The Gujarat Giants will meet a resurgent Mumbai Indians in a crucial game for both…
Reigning Formula One Constructors' champions McLaren Racing have signed a new multi-year partnership with PUMA,…
American Formula One team Haas have announced a partnership expansion with global supplier of advanced…
British Formula One team Williams Racing have recently announced that their Driver Academy member Victor…
American Formula One team Haas have announced a new multi-year partnership agreement with automotive aftermarket…