Renault 2008
Renault’s title sponsor ING have revealed that they will not be renewing their contract with the F1 team when it expires at the end of this coming season. A three year deal agreed in 2007, had been in place with the manufacturer as well as other trackside advertising, all of which will be terminated at the end of the contract.
ING are currently the official sponsors of the opening grand prix in Australia as well as those in Belgium, Hungary and Turkey. It is estimated that the bank has paid around $86m per year into F1, with $65m going to support Renault.
A statement from ING says;
“In light of the recently announced cost reduction program, 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.”
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