Ferrari NV (NYSE:RACE) has ended its sponsorship deal with Swiss blockchain company Velas, according to a statement from the team.

What Happened: The Italian racing team worked with Velas for the past season, with the company's branding notably displayed on the cars' rear wings as part of a multi-year deal.

In response to a Reuters query, Ferrari 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."

See Also: Ferrari Appoints Fred Vasseur As Formula 1 Team Principal

This wasn't the only partnership Ferrari ended recently. The team also parted ways with technology partner Snapdragon.

A team spokeswoman stated 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 does look like Ferrari wants to make changes to its sponsorship and technology partnerships while it aims to improve its performance on the track.

See Also: Ferrari Registers 18.7% Revenue Growth In Q3; Boosts FY22 Forecast

RACE Price Action: Ferrari shares closed up 0.91% at $235.84 on Thursday.

Photo: Pixabay