Following what has been widely contemplated as a bumpy ride for Ferrari F1 team last year with a clutch of mordant managerial mess-ups which eventually had costed the team boss Mattia Binotto’s job, the F1 team had issued a statement later this week saying that they had terminated their F1 sponsorship deal with the Swiss blockchain tech firm Velas. In the matter of the fact, Velas became a sponsor of Ferrari F1 team last year, while its branding was prominent on Ferrari cars’ rear wings. Aside from that, they had rubberstamped a multi-year contract as well. However, although, Ferrari F1 team had declined to comment over the reasons behind a premature termination of their contract with Velas, several F1 analysts were quoted saying following the announcement that the decision would highly likely to be prompted by an upscaled cynicism over blockchain technology alongside digital coins.
Ferrari F1 team terminate Velas’ sponsorship deal
Meanwhile, following a query over a pre-mature termination of their contract with Velas, Ferrari F1 team said, “Unfortunately, the agreement with Velas has been terminated early by us.
We do not comment on matters that are the subject of a dispute and/or litigation”. Apart from Velas, Ferrari F1 team had recently parted ways with their tech partner Snapdragon, too.