McLaren's sponsor to join Ferrari

Lewis Hamilton's McLaren team suffered a financial blow today, when the Spanish bank Santander confirmed it was taking principal sponsorship, reported to be worth more than £16million a year, to Ferrari at the end of next season.

Emilio Botin, Santander's chairman, said: "Santander will be with Ferrari in 2010, yes."

Botin hopes the move will result in Fernando Alonso, Spain's two-times world champion, leaving Renault to realise his own dream move to Ferrari.

The Italian team's two drivers, Felipe Massa and Kimi Raikkonen, are under contract until the end of 2010. But Raikkonen, who admitted to lacking motivation during a season in which he lost his crown to Hamilton, could be paid off early.

Botin said: "Alonso is the best driver in the world and we would like to work with him."