Santander has announced that it is quitting not only Ferrari, but Formula 1 altogether.
It was rumoured that while the Spanish bank might withdraw its sponsorship deal with Ferrari, it could then switch to McLaren.
However, Santander has now confirmed in a statement that it is leaving "Ferrari and F1".
"The bank will conclude its corporate sponsorship agreements with F1 which have helped increase Santander's brand recognition around the world over the last 11 years," it added.
Santander will instead sponsor the UEFA Champions League, having signed a three-year agreement.
