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Renault Looses Sponsors after FIA Decision

by F1Fan on September 24, 2009

Following the FIA decision on the Singapore “CrashGate” scandal Renault has lost two of its current sponsors.

Earlier today the Spanish insurance firm Mutua Madrilena, asked for its name to be removed from Renault’s cars and then ING the Dutch banking giant and Renaults major sponsor dropped the bombshell that it would also be terminating its sponsorship immediately.

Amsterdam, 24 September 2009

ING announced today that in light of the verdict of the World Motor Sport Council of 21 September 2009 concerning the events that occurred at the 2008 Singapore Grand Prix, ING will terminate the contract with Renault Formula 1 with immediate effect.

ING is deeply disappointed at this turn of events, especially in the context of an otherwise successful sponsorship. As announced on 16 February of this year, ING decided not to renew the three year sponsorship (2007-2009) contract with Renault F1 and to end its presence in Formula 1 after the 2009 season.

While this news is a major public relations fiasco for Renault, from a monetary point of view both Sponsors had already announced that they would not be sponsoring Formula One after the end of this season. However with these cancellations creating the spector of Renault becoming persona non grata as a marketing vehicle, one has to wonder how easy Renault will find replacements, especially for ING, who it is rumored accounted for over half of Renaults total sponsorship.

Unless Renault start winning times are going to be really tough.

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