Formula 1 NYC Meetup Message Board › Renault suffers blow as ING confirms F1 pull-out (as of Feb 16, 2009)
|A former member||
Renault's 2009 pre-season preparations – already compromised somewhat by the troubled debut of its new R29 challenger – have been dealt a further blow after title sponsor ING confirmed that it is to end all of its Formula 1 activities at the end of the year.
It was revealed last month that the Dutch banking group was planning to slash its spending within the sport by 40 per cent as part of a €1 billion cost-cutting drive [see separate story – click here], after announcing its second successive quarterly loss, of €3.3 billion. That came as a result of the global credit crunch, which has seen it draw upon €22 billion of Dutch state loan guarantees.
ING currently spends some $100 million on its F1 sponsorship deals. Aside from its three-year contract with Renault – due to expire at the end of 2009 – the company has also acted as title sponsor to the Australian and Belgian Grands Prix over the past two seasons and promoted further trackside advertising at 14 of the 18 races in 2008.
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