The sponsor ING also ends its contract with Renault

This is what is often called a chain reaction… after the Spanish insurance company Mutua Madrileña, it’s the Dutch bank ING that wants to prematurely end its sponsorship contract with the Renault team.

Renault F1 recently suffered a significant setback by being punished by the FIA (Fédération Internationale de l’Automobile) with a two-year suspended ban. The case in question: the ‘crashgate’ from the 2008 Singapore Grand Prix, is therefore a ticking time bomb, and even though Renault was more or less spared by the sanction, its brand image is suffering.

The sponsors then take the opportunity to withdraw from the team. There are four races left to run, but Mutua Madrileña and ING have already announced the termination of their contracts with Renault for the same reason: the bad brand image and the desire not to be associated with “cheating”.

In a statement, ING specifies: « We were extremely surprised by this matter and we do not want to be associated with such serious facts while our partnership had been successful until now. […] We have therefore made the decision to stop sponsoring the Renault team earlier than planned. We were supposed to withdraw at the end of the 2009 season. »

« However, we will continue to sponsor the races, but our logos will no longer appear on the Renault R29 or any tools, clothing, or merchandise of the team from this weekend’s Singapore Grand Prix onwards.

With immediate effect, the termination of the contract implies commercial negotiation, with Renault entitled to compensation unless, like with Mutua Madrileña, there is a clause in the contract stipulating never to breach the regulations…

Starting this Friday, Renault is only sponsored by the oil company Total and the English clothing brand, Pepe Jeans.

ING was a sponsor of Renault and 70% of the F1 races since 2007. The economic crisis is another factor that worsened the situation… with banks and insurance companies being directly affected.