Renault loses Formula One sponsor

The FIA has introduced measures to drastically cut costs

Renault's Formula One team, based in Oxfordshire, is to lose its main sponsor.

The Dutch financial services company ING said it will not be renewing its contract after the end of the 2009 season as a cost-cutting measure.

In a statement from its headquarters in Enstone, Renault said it was confident it could guarantee a solid future for the team.

Renault finished fourth in last year's F1 constructors' championship.

The deal was ING's first global sponsorship project and the company claimed that it had been a successful exercise "raising overall global brand awareness by 16% during the period."

We are confident we can guarantee a solid future for our team and for Formula One

Renault F1 Team Managing Director, Flavio Briatore

Renault F1 Team Managing Director, Flavio Briatore said: "During the past three years, the Team and ING have enjoyed a rewarding and successful relationship.

"They have been a true success story and have become a brand that is recognised worldwide thanks to an innovative and proactive sponsorship programme with our Team and Formula One.

"However, we have been aware for quite some time that the world's current financial climate was calling for a restructuring of our sport.

"Drastic cost reductions are one of the first priorities and with the ongoing programme of measures we are confident we can guarantee a solid future for our team and for Formula One."

The announcement is a further blow as the global financial crisis continues to hit motor sport hard.

Honda have already announced their withdrawal from Grand Prix racing and the sport's governing body the FIA has laid down urgent measures to drastically cut costs.