Ferrari Flies Crypto Crash With Terminated Velas Sponsorship – FERRARI (NYSE: RACE)

Ferrari NV Caste Has terminated its sponsorship agreement with the Swiss blockchain company VelasAccording to a statement from the team.

What happened: The Italian racing team worked with Velas for the previous season, with the company’s branding featured exclusively on the rear wings of the cars as part of a multi-year deal.

in response to a reuters Questioned, Ferrari said, “Unfortunately, the agreement with Velas has been terminated early by us. We do not comment on matters that are the subject of controversy and/or litigation.”

See also: Ferrari appoints Fred Vasseur as Formula 1 team principal

This was not the only partnership that Ferrari had ended recently. the team left technology partner picture of dragon,

A spokeswoman for the team said the partnership with the Qualcomm-owned brand was only a one-year commitment and both parties mutually agreed not to extend it.

Why it matters: This is a developing story and more details about the termination of the deal between Ferrari and Velas are likely to emerge in the coming days.

It looks like Ferrari is looking to make changes to its sponsorship and technology partnerships, while it aims to improve its performance on track.

See also: Ferrari reports 18.7% revenue growth in third quarter; Raises FY22 Forecast

race price actionShares of Ferrari closed Thursday at $235.84, up 0.91%.

Photo: pixabay

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