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Ferrari faces $55 million hole after loss of sponsors
Article To news overview © XPBimages Ferrari and crypto company Velas will not continue their partnership after an acrimonious first year, RacingNews365 has learned. The blockchain brand has been removed from Ferrari’s partner list, as has the logo of chip semi-conductor company Snapdragon. Both were ranked as premium sponsors of the Scuderia. Ferrari announced a long-term deal with crypto company Velas in late 2021, with branding appearing on cars and driver suits. However, a source close to both companies has indicated that Ferrari did not comply with clauses that permit Velas to create NFT images, while the latter is said to be in financial breach. According to the source legal...
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1y ago from RacingNews365.com
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