Phillip Morris hand over money to Ferrari, that is sponsorship! they are the title sponsor! End of, no matter how you want to spin it.
Owning rights to the cars space means little. Ferrari still have the say who sponsors them, But instead of paying Ferrari the sponsor would hand over the cash to Phillip Morris.
I work in marketing industry mate, and to say why invest in a team with no exposure at all? are you kidding again? Being in the team title is as good as it gets for Sponsors. Besides theres their new logo, It is hardly done for any other purpose than for Marlboro exposure. Ask any graphic designer they will tell you this.

this is Ferraris logo, there is no need for the above logo if they didn't want Marlboro exposure.
