Ferrari have terminated a Formula 1 sponsorship deal with Swiss crypto and blockchain technology company Velas, the team announced today without giving details while, at the same time, welcoming Genesys on board.
The Zug-based company became a partner of the Italian racing team last season, with branding prominent on the cars’ rear wings, as part of a multi-year deal. Velas was also title sponsor of Ferrari in the F1 Esports Series.
“Unfortunately, the agreement with Velas has been terminated early by us,” Ferrari said on Thursday in response to a Reuters query. “We do not comment on matters that are the subject of a dispute and/or litigation.”
Ferrari, championship runners-up last season and the oldest and most successful team in the sport, have also parted ways with technology partner Snapdragon.
A team spokeswoman said that was a one-year commitment with the Qualcomm-owned brand and both parties mutually agreed not to extend.
With a partner out the door, a new one was announced today when Ferrari confirmed the arrival of a new Team Partner and the signing of a multi-year agreement with Genesys, a cloud and digital technologies, company.
Their logo will feature on the cars driven by Charles Leclerc and Carlos Sainz in 2023, and Genesys will also partner with Ferrari in its 499P Hypercar endurance racing program, including the Le Mans 24 Hours.
Ferrari CEO Benedetto Vigna said: “We are delighted that Genesys are joining Scuderia Ferrari as a Team Partner and will also be featured in our LMH programme.
“As another business focussed on technological leadership they, like us, have a tireless approach to continuously improve and progress. I know that the synergies between our two businesses will deliver huge value on both sides.” (Reporting by Alan Baldwin)