Ferrari drops $3.8 Billion worth of companies out of their title sponsorship ahead of the 2023 season

Janmeyjay Shukla
|PublishedJan 02, 2023

Ferrari drops $3.8 Billion worth of companies out of their title sponsorship ahead of the 2023 season

Oct 23, 2022; Austin, Texas, USA; Scuderia Ferrari driver Charles Leclerc (16) of Team Monaco during the running of the U.S. Grand Prix F1 race at Circuit of the Americas. Mandatory Credit: Jerome Miron-USA TODAY Sports

Legendary Formula One team Ferrari drops Velas and Snapdragon out of their title sponsorship and decals ahead of the 2023 season. This brings an end to a partnership that just began a year ago.

Ferrari finished second in the world championship 205 points behind Red Bull. Their hopes of a world championship driver went in vain due to poor decisions and lack of pace in the 2022 season.

There are changes internally in the team with Frédéric Vasseur as the new team principal starting the 2023 season. Changes continue on the sponsorship side of the Italian team.

Ferrari’s One-Year of partnership with blockchain company Velas

Ferrari signed up with Velas right after the 2021 season concluded. Velas is a blockchain company catering to the field of cryptocurrency. Moreover, just three years of their establishment, they are one of the fastest blockchain companies in Switzerland currently.

Both companies tied up together in order to promote cryptocurrency to fans as a medium of exchange. Velas also became the title sponsor of Ferrari’s eSports team.

The cryptocurrency wave in Formula One is coming to an end. Ferrari is the latest F1 team after Mercedes to do something like that. The German team had its cryptocurrency sponsor FTX before it filed for bankruptcy.

Also Read: Pierre Gasly questions how much value Sprint races add to Grand Prix weekends

Qualcomm is another company that parted ways with Ferrari

Qualcomm is one of the biggest telecom manufacturers in the world. It is in the part of Fortune 500 companies with multiple products and services under their belt.

Ferrari signed up with Qualcomm technologies as their premium partner for digital technologies. They were working with the Italian team on the data and analysis side of their digital cockpit.

However, it now looks like this partnership has come to an end as well as the sponsors are nowhere in the decals anymore. Part of new sponsors that can help the team win a world championship in the future potentially.

Also Read: Mick Schumacher was considered to drive in 2023 for a long time reveals Haas boss

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About the author

Janmeyjay Shukla

Janmeyjay Shukla is an artist who contributes his expressions through words as an F1 writer and editor at The SportsRush. He is an F1 historian who has been watching the sport since he was a baby. Passed on from generation to generation, he has seen the prime of Michael Schumacher to the rise of Max Verstappen. A Mercedes fan from the days of the Brawn GP era, the sport runs in his blood. Besides Formula One, Janmeyjay is a Marketing Head and a musician who loves to sing and play Rock & Pop songs on guitar. His love for sports will never die as he is a loyal Liverpool Football Club fan as well!