Ferrari president Luca di Montezemolo has urged the world of formula one to not panic despite the departure of key sponsors.

Ferrari president Luca di Montezemolo has urged the world of formula one to not panic despite the departure of key sponsors.

Renault's title backer ING Group has said it will depart after 2009, amid speculation major Williams sponsor the Royal Bank of Scotland (RBS) might follow suit.

BMW-Sauber has already lost Credit Suisse, while Petrobras, the multiple Baugur brands and some others are no longer involved with the sport, perhaps indicating a commercial exodus amid the global financial crisis.

But McLaren boss Ron Dennis earlier this week insisted that F1 remains a "hugely attractive sponsorship proposition, and Ferrari's Montezemolo has now made similar comments.

"There are some (sponsors) that will go and others that will come," the Italian, also chairman of the F1 teams' alliance FOTA, is quoted as saying by Corriere dello Sport newspaper.

In the wake of ING's announcement, Renault team boss Flavio Briatore said it is FOTA's goal to continue to slash costs in order to "guarantee a solid future for our team and for formula one".

Montezemolo continued: "This is a difficult moment, but we have lived through others. The important thing is to not dramatise things.

"I believe that F1, which is more and more international and involving many manufacturers and many teams, with strong cost reductions will always remain a strong place for sponsors," he added.

 

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