ING, primary sponsor of Renault F1, has announced that they will be withdrawing their multi-million pound sponsorship of the sport at the end of the season. A company statement said: “In light of the recently announced cost reduction programme, ING confirmed not to renew the three-year sponsorship (2007-2009) contract with Renault F1 and to end its presence in F1 beyond the 2009 season.”
The news comes as another blow to the motorsport industry which has witnessed a number of high profile withdrawals in recent months due to the dwindling global economy.
