Ahead of the 2024 season, there have been some massive movement in the sponsorship market in Formula 1. The biggest reports emerging out of the paddock have confirmed that two sponsors have left Ferrari before the next season commences. Hot on the heels of Estrella Galicia, Carlos Sainz‘s personal sponsors since 2015, Bang & Olufsen have also reportedly pulled out of their sponsorship deal with the iconic Italian team.
According to reliable reports emerging out on X (formerly Twitter), Bang & Olufsen, along with 100-year-old beer giants Estrella Galicia are completely missing from the sponsors’ list on the official website of Scuderia Ferrari.
@BangOlufsen, @EG00, Frecciarossa and Sabelt have all been completely removed from the website.
Bang & Olufsen only joined Ferrari in 2023 after spending a season with @WilliamsRacing.#F1 @ScuderiaFerrari
— Decalspotters (@decalspotters) January 5, 2024
According to the report, Bang & Olufsen had just joined Ferrari in 2023 in a deal worth $15 million. After a year sponsoring Williams, the Danish company, specializing in audio devices, partnered up with Ferrari. However, just 12 months into their alliance, the duo have seemingly called it quits.
On the other hand, Estrella Galicia came along with Sainz when he left McLaren for Ferrari in 2021. Since then, they have been associated with the team. However, their relationship with Sainz dates all the way back to 2015, when the Madrid-born driver was plying his trade with Red Bull’s junior team Toro Rosso, alongside a rookie Max Verstappen.
But why have these two sponsors left Ferrari with hardly two months left until the season starts? Are more companies going to follow suit?
Are sponsors losing faith in Ferrari after tumultuous 2023 season?
Ferrari have also lost Frecciarossa and Sabelt as sponsors of the team for the 2024 season and beyond. Ferrari remains as iconic as ever, but their struggles during the 2023 season where Red Bull put the competition to shame may have had a bearing on these companies pulling out of the team.
While the RB19 was a class apart, Ferrari weren’t even the 2nd fastest car on the grid consistently. The SF-23 showed great pace over a single lap in qualifying. But, during the race both Charles Leclerc and Carlos Sainz found it difficult to find pace. Consequently, they fell back a place in this year’s Constructors’ championship as they had to settle for 3rd.
| Ferrari has found 30 points of downforce in the wind tunnel, compared to their Japan spec.
However, there is caution heading into 2024#F1 #Ferrari
— Ferrari Focus (@Scuderiascoop) January 3, 2024
That being said, the 2023 Formula 1 season wasn’t all bad news for the sixteen-time world champions. During and after the summer break, the team made major strides in terms of maximizing performance. They even won the 2023 Singapore Grand Prix becoming the only other team than Red Bull to win this season.
Whether the sponsors lost faith in Ferrari or not is difficult to say. It could also be possible that Ferrari has better sponsors lined up, which compelled them to clear some space out. However, losing four big names just a few months before the start of the season, isn’t a good sign.
