McLaren has announced that it has renewed its long-term partnership with the Spanish bank Santander ahead of the 2014 F1 season.

The partnership has been in place since 2007, with Santander making use of its links to the F1 team to help make the move into the UK market.

Under the terms of the deal, McLaren driver Jenson Button will continue to hold an ambassadorial role with Santander and will 'play a significant role in Santander campaigns as the partnership progresses'.

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"Santander and McLaren have formed a long term partnership and together we have set new standards in sports marketing," Santander chief marketing officer Keith Moor said. "Our decision to renew that relationship is not something that we have taken lightly, but it is based upon a proven track record of achievement and we are pleased to continue to be in partnership with one of the most iconic brands in global sport."

Ekrem Sami, Managing Director of McLaren Marketing said the team was delighted to extend the partnership.

"Once again, a global blue chip brand has chosen to partner with McLaren Mercedes," he said. "We are delighted to be able to continue our extremely productive relationship with Santander, a company that has supported us for a number of years and has committed to be part of our exciting future.

"In such a competitive international sponsorship market, the fact that such a prestigious company has chosen to partner with McLaren Mercedes is a reflection of the strength of our brand, our proven track record of delivery and the power of Formula 1 to reach an avid, affluent and influential audience."

McLaren has also agreed a deal with Norton Rose Fulbright that will see it become the global legal advisor to the McLaren Group.