F1 »

ING confirms F1 withdrawal at end of 2009

Renault's 2009 pre-season preparations – already compromised somewhat by the troubled debut of its new R29 challenger – have been dealt a further blow after title sponsor ING confirmed that it is to end all of its Formula 1 activities at the end of the year.

It was revealed last month that the Dutch banking group was planning to slash its spending within the sport by 40 per cent as part of a €1 billion cost-cutting drive [see separate story – click here], after announcing its second successive quarterly loss, of €3.3 billion. That came as a result of the global credit crunch, which has seen it draw upon €22 billion of Dutch state loan guarantees.

ING currently spends some $100 million on its F1 sponsorship deals. Aside from its three-year contract with Renault – due to expire at the end of 2009 – the company has also acted as title sponsor to the Australian and Belgian Grands Prix over the past two seasons and promoted further trackside advertising at 14 of the 18 races in 2008.

The venture marked ING's first global sponsorship endeavour aimed at generating revenue, and since 2007 has raised overall brand awareness by 16 per cent in key growth markets, achieving the struggling financial services group's principal goal.

It was previously stated that a decision would be made mid-year about whether to prolong its agreements in the top flight, but that decision has now been made somewhat more swiftly. A statement said that 'in light of the recently announced cost-reduction programme', ING had elected 'not to renew' its backing and will consequently 'end its presence in F1' following the conclusion of the forthcoming campaign.

'F1 remains a powerful business driver even in a difficult economic climate,' the statement read. '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.'

A statement released by Renault acknowledged that the French outfit 'understands completely ING's decision not to extend its Formula 1 sponsorship beyond the 2009 season', as team managing director Flavio Briatore hinted that the news had not come entirely as a major shock.

“During the past three years, the team and ING have enjoyed a rewarding and successful relationship,” the Italian underlined. “ING has been an enthusiastic and supportive partner for the Renault F1 Team in all respects.



Related Pictures

Click on relevant pic to enlarge
The new ING Renault F1 R29. January 19 2009. [Pic credit: Renault]
F1 Glamour, Australian F1 Grand Prix, Albert Park, Melbourne, 14-16th, March, 2008
Grid GVirls, Australian F1 Grand Prix, Albert Park, Melbourne, 14-16th, March, 2008
French Grand Prix at Paul Ricard
Lando Norris, McLaren Autosport BRDC Awards [Credit: Martyn Pass PR]
Kimi Raikkonen tests the 2017 F1 tyres in Abu Dhabi [credit: Pirelli]
Lewis Hamilton tests the 2017 F1 tyres in Abu Dhabi [credit: Pirelli]
Daniel Ricciardo tests the 2017 F1 tyres in Abu Dhabi [credit: Pirelli]
Kimi Raikkonen tests the 2017 F1 tyres in Abu Dhabi [credit: Pirelli]
Lewis Hamilton, Mercedes, Pirelli 2017 tyre test [Credit: Pirelli]
27.11.2016 - Race, Jolyon Palmer (GBR) Renault Sport F1 Team RS16 and Esteban Gutierrez (MEX) Haas F1 Team VF-16
27.11.2016 - Race, Jolyon Palmer (GBR) Renault Sport F1 Team RS16 and Jenson Button (GBR)  McLaren Honda MP4-31
27.11.2016 - Race, Kevin Magnussen (DEN) Renault Sport F1 Team RS16
27.11.2016 - Race, Kevin Magnussen (DEN) Renault Sport F1 Team RS16 and Pascal Wehrlein (GER) Manor Racing MRT05
27.11.2016 - Race, Jolyon Palmer (GBR) Renault Sport F1 Team RS16 leads Jenson Button (GBR)  McLaren Honda MP4-31
27.11.2016 - Kevin Magnussen (DEN) Renault Sport F1 Team RS16
27.11.2016 - Jolyon Palmer (GBR) Renault Sport F1 Team RS16
27.11.2016 - Jerome Stoll (FRA) Renault Sport F1 President

Join the conversation - Add your comment

Please login or register before adding your comments.

Although the administrators and moderators of this website will attempt to keep all objectionable comments off these pages, it is impossible for us to review all messages. All messages express the views of the poster, and neither Crash Media Group nor Crash.Net will be held responsible for the content of any message. We do not vouch for or warrant the accuracy, completeness or usefulness of any message, and are not responsible for the contents of any message. If you find a message objectionable, please contact us and inform us of the problem or use the [report] function next to the offending post. Any message that does not conform with the policy of this service can be edited or removed with immediate effect.


DBL

February 16, 2009 11:01 AM

What a shame everyone in Europe went on a very politically correct anti-tobacco witch hunt a few years back, not allowing advertising. Shame really as they are still doing very well and have the money to invest to safeguard teams futures. Ferrari still have Marlboro backing but they use the clever white barcode design, but we still know it's Marlboro so it makes a mockery of the ban anyway. Dump the banks, embrace the cigarette. :)



© 1999 - 2016 Crash Media Group

The total or partial reproduction of text, photographs or illustrations is not permitted in any form.