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Renault's sponsor ING to quit F1
February 17, 2009, Tuesday
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RENAULT'S title sponsor ING Group announced yesterday that it was pulling out of Formula One at the end of the 2009 season.
"In light of the recently announced cost reduction program, 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 said. The group announced last month that they would cut operating expenses by 1 billion euros (US$1.29 billion) in 2009 as well as scrapping 7,000 jobs worldwide. ING paid around US$65 million to Renault.
"In light of the recently announced cost reduction program, 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 said. The group announced last month that they would cut operating expenses by 1 billion euros (US$1.29 billion) in 2009 as well as scrapping 7,000 jobs worldwide. ING paid around US$65 million to Renault.
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