Mutua Madrileña stops its contract with Renault

Mutua Madrileña, the Spanish insurance company, became a sponsor of the Renault F1 Team again in 2008 upon Fernando Alonso’s return to the French team. However, after the recent sanctions from the 2008 Singapore “crashgate,” the company no longer wants to sponsor the diamond for brand image…

Mutua Madrileña has sponsored Alonso since his debut in Formula 1. The company followed him during his transfer to McLaren and then his return to Renault. Today the bank-insurance estimates that its contract with Renault allows it to terminate the commitment prematurely; A clause states that Renault must comply with the FIA rules and regulations, otherwise we can stop.

The statement also says: « We want nothing to do with a team that deliberately caused an accident, put lives at risk, and cheated. The behavior of certain individuals within the team was of extraordinary gravity. »

The contract could therefore be terminated as early as the Singapore Grand Prix. The company has not indicated if it is targeting another F1 team, but it should clearly withdraw from F1, as Santander has already signed with Ferrari and McLaren.

The statement, however, indicates that Mutua Madrileña will continue to sponsor Fernando Alonso as usual.

Renault suffers a new blow as ING is expected to leave F1 next year. The hunt for sponsors is on.