Dutch bank ING announced on Monday that it will end its Formula One sponsorship activities at the end of 2009. The bank calls in the effects of the global financial crisis as a cause for its withdrawal. ING's departure means Renault will have to look for a new title sponsor for 2010.
The news that ING pulls the plug out of F1, is not a complete surprise. It was already clear that Renault's embattled title sponsor was reviewing the F1 programme because of the financial crisis. Aside from the Renault sponsor deal, ING's programme also includes trackside advertising and title sponsorship of several Grand Prix.
The Dutch government recently moved to safeguard ING Group, who had posted a second consecutive multi-billion dollar quarterly loss and decided to cut F1 spending by 40 per cent this year.
The three-year title sponsorship of Renault was due to expire at the end of this year. A statement said ING has decided "not to renew" the deal and therefore will "end its presence in F1" beyond 2009.
"ING has enjoyed the relationship with Renault F1 and will continue to work closely with the team during the final year of the partnership," the statement added.
This news means that Renault - whose future in Formula 1 is already rumoured to be in doubt - will have to look out for a new title sponsor for 2010.
(fc)
Written: Mon, 16 Feb 2009 09:01:10
[ Print View ][ E-Mail Article ]
- February 01, 2010F1 comes alive - testing at Valencia
- January 31, 2010Renault confirm Petrov
- January 31, 2010Petrov with Renault team at Valencia on Sunday
- January 27, 2010Launch and Test debut dates
- January 14, 2010Renault to launch R30 day before Valencia test
- January 11, 2010Sato in running for Renault seat
- January 10, 2010Kubica to contest Monte Carlo rally
- January 07, 2010FIA to push for new crashgate bans
- January 07, 2010Boullier confirmed as Renault boss
- January 04, 2010Crashgate appeal verdict to be known Tuesday
- (February 16, 2009)View all headlines from this date
