Tuesday 13 May at 11:36 : The American computer company AMD will let its sponsorship of the formula one team Ferrari lapse, according to reports.

The technology website fudzilla.com said the decision was made following the departure last September of AMD marketing officer Henry Richard, who was a motor racing fan and responsible for the Ferrari deal that began in 2002.

The most visible elements of Ferrari's AMD sponsorship are the logos on the rear wing endplates and on the drivers' helmets and overalls, which were still visible at the most recent Turkish grand prix.

Fudzilla said AMD has "already cancelled its Ferrari sponsorship and ... is waiting for the contract to expire", and also that AMD intends to severs its ties with the American stock car NASCAR scene.

The F1 deal was estimated at between $10-$20m per year.