16 February,2009 04:03 PM IST | | AFP
Dutch financial services company ING announced on Monday that it would no longer sponsor Formula One team Renault citing the need to cut costs.
"In light of the recently announced cost reduction programme, ING confirmed today not to renew the three year sponsorship (2007-2009) contract with Renault F1 and to end its presence in F1 beyond the 2009 season," the company said in a statement.
The Renault 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 percent during the period."
"F1 remains a powerful business driver even in a difficult economic climate," the statement added.
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"ING has enjoyed the relationship with Renault F1 and will continue to work closely with the team during the final year of the partnership."
The announcement is a further body blow to motor sport with the world financial crisis hitting several teams in costly automobile and motorcycle events such as Formula One.
Honda have already announced their withdrawal from Grand Prix racing and the sports's governing body the FIA has laid down urgent measures to drastically cut costs.
Renault's drivers for next year will be former world champion Fernando Alonso of Spain and Nelson Piquet of Brazil.
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