Royal Bank of Scotland (RBS) will not renew it’s sponsorship deals with F1 and in particular the Williams F1 team, when the current contract expires in 2010. The bank which announced the worst ever corporate loss today, have been under fire for their excessive spending on sponsorship including that of former world champion Sir Jackie Stewart amongst others.
Williams have already been hit by the withdrawal of Icelandic Baugur Group, Lenevo and Petrobas during the last few months, but have managed to renew or upgrade deals with ten other sponsors and team owner Frank Williams has said that they are well placed to see out the next two years.
Despite the drastic cost cutting measures already implemented in F1, Max Mosley has recently said that more cuts need to be agreed very soon if Formula 1 is to survive. Renault boss Flavio Briatore, who’s own team will lose it’s main sponsor ING next season, believes that the teams are ready to negotiate further cuts in running costs to ensure that the sport is more viable, not only for the teams already involved, but also to attract more competitors on to the grid.
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