It was announced yesterday that ING will end it’s participation with Formula 1 when the 2009 season draws to a close. The Dutch financial giants are the title sponsors for both Renault and the Australian, Hungarian and Belgian Grands Prix, but after being hit hard by the global financial crisis, and receiving 10 billion euros from the Dutch government, the group have been forced out of their involvement with the sport.
A statement released by ING yesterday said: “ING’s participation in Formula One was the company’s first global sponsorship project aimed at delivering revenue and raising the global brand awareness. Over the past two years, ING has successfully achieved its objectives for the F1 sponsorship, raising its overall global brand awareness by 16%. F1 remains a powerful business driver even in a difficult economic climate. Whilst ING has cut the F1 sponsorship costs by 40% 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.”
Regardless of this announcement, the Renault F1 team were already the subject of heavy speculation about their future, as the French manufacturer struggles to cope with the slump in the car market. Team boss Flavio Briatore remains confident, however, that with cost-cutting measures coming into force, Renault have a secure future in the sport. “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,” said Briatore.
hello dominic very interesting website you have here, i will be subscribing