Ferrari sponsor cancels ’Wrooom’ event

Ferrari’s annual pre-season event on the slopes of Italian ski resort Madonna di Campiglio will take place no more.

Corriere dello Sport newspaper reports that the main sponsor of F1 and MotoGP teams Ferrari and Ducati has cancelled the 2014 edition of ’Wrooom’ for financial reasons.

The newspaper said the media event has been running every January for 23 years.

"The costs of the event are no longer sustainable," said sponsor’s vice president Maurizio Arrivabene.