Ing Leads Renault F1 Sponsor Walk-out

The beleaguered Renault F1 team have received another major body blow after two of its commercial partners, including title sponsor ING, ended their multi-million pound contracts with the team with immediate effect.

The announcements come in the wake of the race-fixing scandal that resulted in a suspended two-year ban for the team and the departure of chief executive Flavio Briatore.

The Dutch-based financial group planned to pull out at the end of the season but will now leave four races early.

Another team sponsor, Spanish insurance firm Mutua Madrilena, has also followed suit in asking for its branding and name to be removed from Renault’s cars.

ING was the largest sponsor on Renault’s books, providing more than half their total sponsorship revenues according to some estimates with an speculated £40m investment.

If Renault fail to secure a replacement backer on a similar level of funding then their place in the sport could be under threat.

A company statement read: ‘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 One with immediate effect.

‘ING is deeply disappointed at this turn of events, especially in the context of an otherwise successful sponsorship.’

Mutua Madrilena announced earlier the withdrawal of their sponsorship from the team for similar reasons.

‘Mutua Madrilena believes the conduct of the relevant people in the team was of extraordinary seriousness and not only compromised the integrity of the sport but also put the physical safety of spectators, drivers and circuit personnel at risk. This could affect the image, reputation and good name of the team’s sponsors.’

Renault were given a two-year suspended ban from F1 for their role in fixing last year’s Singapore Grand Prix.

The FIA, the sport’s governing body, also banned ex-Renault boss Flavio Briatore for life and suspended former engineering head Pat Symonds for five years for ordering Brazilian Nelson Piquet Jr to crash.

All three individuals implicated in the scandal have since left Renault, but the changes have arrived too late to save two of the team’s key sponsorships.