Dutch financial giants ING have announced they will end their sponsorship deal with Renault in a cost-cutting exercise.
Dutch financial company forced to end Renault deal in new F1 blow
In a further blow to Formula One, Dutch financial giants ING have announced they will end their sponsorship deal with Renault in a cost-cutting exercise.
The Renault team's title sponsors were thought to be the second largest F1 backers in the sport, with a report in Formula Money last year estimating ING were paying $86 million into racing each year, with $65 million of that for Renault.
2009 will be the final year of ING's association with former world champions Renault, who have Spain's 2005 and 2006 world champion Fernando Alonso as their main driver, alongside Brazilian Nelson Piquet Jr.
ING had announced a €1 billion cost-cutting exercise in the midst of the global financial crisis, and their backing of Formula One is one area they are cutting down.
"In light of the recently announced cost reduction programme, ING confirmed today not to renew the three year sponsorship (2007-2009) contract with Renault F1 and to end its presence in F1 beyond the 2009 season," the company said in a statement.
Powerful
"F1 remains a powerful business driver even in a difficult economic climate.
"ING has enjoyed the relationship with Renault F1 and will continue to work closely with the team during the final year of the partnership."
Along with sponsoring Renault, ING had heavy involvement with Formula One in general, with the group officially sponsoring the Australian Grand Prix in Melbourne which starts the 2009 season, along with those in Belgium, Hungary and Turkey.
ING insist that their partnership with Renault was a success despite them having to conclude the deal, saying it helped in "raising overall global brand awareness by 16 per cent during the period."
The news is another big blow to F1 though, with the global economic downturn hitting the sport hard - as showcased with Honda already pulling out of the sport.
The FIA has also announced several urgent cost-cutting measures for the new season as the pinnacle of motor sport tries to ride out the difficult spell.
