The Renault Formula One team has become the latest victim of the economic downturn after it was revealed that the Dutch banking company, ING, will not be renewing its sponsorship deal at the end of the 2009 season.

ING made the decision as part of plans to reduce costs, despite raising its global brand awareness by 16 per cent between March 2007 and November 2008 through its involvement with Formula One. Renault Formula One team managing director, Flavio Briatore, said: "We have been aware for quite some time that the world's current financial climate was calling for a restructuring of our sport and with the Formula One Teams Association (FOTA), we have moved in that direction.

"Drastic cost reductions have been on FOTA's agenda as 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." In December 2008, it was announced that Japanese car manufacturer, Honda, would be pulling out of Formula One due to the downturn.