ING To leave Formula One at the end of 2009 - RBS too

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http://www.formula1.com/news/headlines/2009/2/8935.html

Renault title sponsor ING has announced on Monday that it will end its association with the French team, and pull out of Formula One racing altogether, following the 2009 season. The Dutch financial giant’s move is part of a company-wide cost-cutting initiative, prompted by the current economic climate.

“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,” read the ING statement.

“ING’s participation in Formula One 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. Over the past two years, ING has successfully achieved its objectives for the F1 sponsorship, raising its overall global brand awareness by 16 per cent (March 07 vs November 08).

“F1 remains a powerful business driver even in a difficult economic climate. Whilst ING has cut the F1 sponsorship costs by 40 per cent in the final year, revenue generating opportunities will be a continuing focus through 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.”

In response to ING’s announcement, Renault’s managing director, Flavio Briatore said: “During the past three years, the Team and ING have enjoyed a rewarding and successful relationship. ING has been an enthusiastic and supportive partner for the Renault F1 Team in all respects. They have been a true success story and have become a brand that is recognised worldwide thanks to an innovative and proactive sponsorship programme with our Team and Formula One.”

“However, we have been aware for quite some time that the world’s current financial climate was calling for a restructuring of our sport and with FOTA we have moved in that direction. Drastic cost reductions have been on FOTA’s agenda as one of the first priorities and with the ongoing programme of measures we are confident we can guarantee a solid future for our team and for Formula One.”
 
Not too surprised by that, considering they are a banking institution (arent they? :lol: Great advertising!)
I would also expect Santander and RBS to at least cut their inputs massively.
 
Well, the bad part is that I can no longer claim to own a very tiny piece of the Renault F1 team.

On the other hand, since they some of my money, it's good that they're looking after the main core of the company.
 
Perhaps they are making '09 their last year with Renault, because Fernando Alonso has already signed a provisional contract with the Scuderia for 2010? Santander awaits the Spaniard... Mwa ha ha ha! Acuna ma tata.
 
Come to think of it, With AT&T and Budweiser being the most prominent (other than Allianz) remaining sponsors for team WilliamsF1, you'd think they were the American F1 team, taking into acccount it's blue and white livery.

[/chuckle]
 
It was only a matter of time - insurance companies and banks are running for cover. Williams and other F1 teams would do well to look to companies who are bucking the trend and actually doing well during these hard economic times, companies who are profiting from the fact that more and more people are staying in instead of going out - for 2010 I predict Williams Dominos Pizza, Team Nintendo Renault, and Durex Toyota F1...
 
Come to think of it, With AT&T and Budweiser being the most prominent (other than Allianz) remaining sponsors for team WilliamsF1, you'd think they were the American F1 team, taking into acccount it's blue and white livery.

[/chuckle]

Shame on you for thinking such!
 
It was only a matter of time - insurance companies and banks are running for cover. Williams and other F1 teams would do well to look to companies who are bucking the trend and actually doing well during these hard economic times, companies who are profiting from the fact that more and more people are staying in instead of going out - for 2010 I predict Williams Dominos Pizza, Team Nintendo Renault, and Durex Toyota F1...

Having Sonic and Sega plastered all over Donington and using Sonic trophies again?.....yes please.
 
Not too surprised they're on their way out; I recall reading that RBS was one of the hardest-hit banks in Great Britain by the economic situation.
 
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