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Home » Sports » Motor Racing
Renault lose two sponsors for deliberate crash
Source: Agencies |
September 25, 2009, Friday
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Online Edition
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INSURANCE company Mutua Madrilena and global financial institution ING ended their sponsorships of Renault's Formula One team yesterday in the wake of the race-fixing scandal.
"Mutua Madrilena has communicated to Renault F1 Team Limited the early termination of its sponsorship contract with the team," the Spanish company said in a statement.
The company said its move was based on Monday's decision by F1 ruling body FIA that Renault deliberately caused a car accident during last year's Singapore Grand Prix.
The FIA handed a lifetime ban to team principal Flavio Briatore, and a five-year suspension to chief engineer Pat Symonds for their involvement in ordering Nelson Piquet Jr. to crash to help teammate Fernando Alonso win the race.
Mutua Madrilena said its contract stipulated that Renault "must abide by all the rules and regulations of the FIA."
The company said "the conduct of relevant people within the team had been of extraordinary graveness and had compromised not only the integrity of the sport but also endangered spectators, drivers and racetrack personnel."
The company said its sponsorship of two-time world champion Alonso was not affected by its decision.
"The sponsorship contract with Fernando Alonso continues," the statement said.
Earlier Thursday, Dutch-based ING, Renault's principal backer, also announced it was immediately ending its sponsorship of Renault because of Monday's verdict.
"ING is deeply disappointed at this turn of events, especially in the context of an otherwise successful sponsorship," the statement said.
ING had in February announced it would not renew its three-year, reportedly US$100 million sponsorship of Renault in F1 after this season because of the global financial crisis.
"Mutua Madrilena has communicated to Renault F1 Team Limited the early termination of its sponsorship contract with the team," the Spanish company said in a statement.
The company said its move was based on Monday's decision by F1 ruling body FIA that Renault deliberately caused a car accident during last year's Singapore Grand Prix.
The FIA handed a lifetime ban to team principal Flavio Briatore, and a five-year suspension to chief engineer Pat Symonds for their involvement in ordering Nelson Piquet Jr. to crash to help teammate Fernando Alonso win the race.
Mutua Madrilena said its contract stipulated that Renault "must abide by all the rules and regulations of the FIA."
The company said "the conduct of relevant people within the team had been of extraordinary graveness and had compromised not only the integrity of the sport but also endangered spectators, drivers and racetrack personnel."
The company said its sponsorship of two-time world champion Alonso was not affected by its decision.
"The sponsorship contract with Fernando Alonso continues," the statement said.
Earlier Thursday, Dutch-based ING, Renault's principal backer, also announced it was immediately ending its sponsorship of Renault because of Monday's verdict.
"ING is deeply disappointed at this turn of events, especially in the context of an otherwise successful sponsorship," the statement said.
ING had in February announced it would not renew its three-year, reportedly US$100 million sponsorship of Renault in F1 after this season because of the global financial crisis.
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