Velas has not been on Ferrari's sponsorship list since this calendar year. According to earlier reports, the Italian formation did not adhere to the agreements made during the conclusion of the contract, but London Insider reports that things appear to be different after all.
Indeed, it was not Ferrari that caused the problem, but Velas itself. It reportedly transferred $30 million annually to the Formula 1 team to be prominently displayed on the back of the car, and that amount weighed on the company's financial housekeeping.
Velas therefore decided to pull out all the stops to get out of the deal. Incidentally, the tie-up with Ferrari is not the only deal it was working on, as it also significantly scaled back its marketing campaigns.
The departure of crypto companies
Until recently, almost all Formula 1 teams had a partnership with a crypto company, but that has changed. Since the market was rocked by the company FTX, several teams have ended their partnerships.