Renault seeks new sponsor

Renault’s Formula One team have been hit by the global financial crisis after title sponsors ING announced today they will not renew their contract after this season.

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.

The financial chaos has now hit Renault, with ING opting to end the sponsorship deal after three years.

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.

“Over the past two years, ING has successfully achieved its objectives for the F1 sponsorship, raising its overall global brand awareness by 16% (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% 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.”