ING, the biggest Dutch financial-services company, said Monday that it would end its three-year sponsorship of Renault’s Formula One team after the 2009 season as part of a cost-cutting program.
ING, based in Amsterdam, said it had “enjoyed” the relationship with Renault F1 and would “continue to work closely with the team during the final year of the partnership.” ING announced last month that its spending on Formula One sponsorship in 2009 would be cut 40 percent.
The decision comes just three weeks after ING announced that in light of a forecast 1 billion euro loss for 2008 due to the escalation of the global financial crisis it would slash 7,000 jobs from its 130,000-strong workforce and cut its 2009 F1 sponsorship outlay by 40%.
ING replaced long-time Renault title sponsor Mild Seven from the 2007 season with the new tie-up seeing the team’s car livery changed to reflect the orange and white of the bank’s corporate colours.
The Dutch group also increased its F1 presence by title sponsoring a number of grands prix, namely the Australian, Turkish, Hungarian and Belgian rounds, while also appearing heavily on trackside advertising hoardings.
ING’s decision therefore leaves Renault and four races currently on the calendar searching for new title sponsors for 2010.
Motorsport has been hit hard by the ongoing recession recently with Subaru and Suzuki withdrawing from the World Rally Championship citing financial concerns while Honda stunned the world of Formula One when they put its grand prix team up for sale in December.
A statement from the company read: “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.
“ING’s participation in Formula 1 was the company’s first global sponsorship project aimed at delivering revenue and raising the global brand awareness, particularly in ING’s key growth markets.
“ING has enjoyed the relationship with Renault F1 and will continue to work closely with the team during the final year of the partnership.”
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