Ferrari have terminated a Formula One sponsorship deal with Swiss blockchain technology company Velas, the team said on Thursday without giving details.
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."Unfortunately, the agreement with Velas has been terminated early by us," Ferrari said on Thursday in response to a Reuters query.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.
Source: News Formal (newsformal.com)
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