Renault F1 hit by sponsorship blow
ING has terminated its sponsorship of the Renault Formula One team with immediate effect following the World Motor Sports Council (WMSC) verdict into the 'Crashgate' scandal.
The Dutch banking company announced in February that it was set to pull out of Formula One at the end of the 2009 season, but has brought forward its withdrawal as a result of events at the 2008 Singapore Grand Prix. Renault Formula One has been handed a two-year suspended ban by the WMSC on 21 September after it was adjudged to have deliberately caused a crash during the race at the Singapore circuit.
A statement from ING said: "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 1 with immediate effect." Renault Formula One has also been hit by the news that another sponsor - Mutua Madrilena - has reportedly withdrawn as a result of the verdict. The Spanish company will continue to sponsor Renault driver Fernando Alonso, however.
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