Santander currently sponsors McLaren’s Formula One Cars and has been said to have had a falling out with the British outfit after the scandals that ultimately led to Fernando Alonso leaving the team.

The rumor of their departure from McLaren has been swirling for over a year and has finally been confirmed with today's announcement.

"We are very happy to have a new partner like Santander, with whom we are beginning a very important and long term collaboration," commented Ferrari President Luca di Montezemolo.

"We share common values, such as striving for excellence, a passion for competition, an international approach and, last but by no means least, the colour red. These values will make this a fruitful partnership, noteworthy around the world."

The agreement, which is for a five year period, will see the Santander logo and branding on Ferrari’s cars and drivers' overalls and gear.

New sponsorship will mean new merchandise and thus additional sales of Scuderia Ferrari F1 gear for the fans.

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