The ING Group, chief sponsor of Renault Formula 1 team, will be severing ties to the French racing team as part of the company’s drastic cost-cutting measures. ING cited the current economic crisis as the main reason for the decision.

A statement from the Dutch financial group says, “In light of the recently announced cost-reduction programme, 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.” The group mentioned that the Renault sponsorship was the company’s first on a global scale, and it has helped ING achieve a considerable increase in global brand awareness (a 16-percent increase from March 2007 to November 2008).

ING also served as the naming-rights sponsor for various Grands Prix in the past, including the Australian and Hungarian GPs. The group also has sponsorship commitments to the New York Marathon and San Francisco Bay to Breakers, lasting through 2010.

The economic landscape is really affecting Formula 1, with sponsors leaving left and right. Even FIA itself is imposing cost-cutting measures on the teams. Hopefully, all these economic aspects don’t reduce the sport into a mere formality.

Source: Formula1