ING, Renault's embattled title sponsor, will review its sponsorship of the French formula one team in the middle of 2009, a spokesman has told the International Herald Tribune.

ING, Renault's embattled title sponsor, will review its sponsorship of the French formula one team in the middle of 2009, a spokesman has told the International Herald Tribune.

And the financial news service Bloomberg said the Dutch bank, already propped up by the government and now posting a second consecutive multi-billion dollar quarterly loss, has already decided to cut its Renault backing this year by 40 per cent.

Just the latest example of how the global financial crisis is affecting the sport, ING - one of the most visible and lucrative F1 sponsors - is shedding 7000 jobs and has announced the departure of its chief executive Michel Tilmant, an F1 fan.

The institution's loss to F1 would be significant, given its title sponsorship also of two grands prix, and trackside advertising at most races.

A spokesman clarified that the 40 per cent cut reported by Bloomberg relates to ING's non-F1 contracts, but it is true that the existing Renault deal expires this year.

ING's annual spend on F1 currently tallies about 77m euros.

 

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