RSS FeedDutch Bank ING To Quit Formula One Sponsorship
In one of the week’s less surprising developments, debt-ridden Dutch bank ING announced that it will end its high-profile sponsorship of Renault’s Formula 1 team at the end of this year. The decision was taken as part of the €1bn cost-cutting drive which was announced in recent weeks.
ING has worked the sponsorship hard - adding driver endorsements and Grand Prix title sponsorship deals to its core Renault relationship. However the economic downturn has made the F1 association look something of a luxury.
ING’s departure follows the recent news that beleaguered motoring giant Honda plans to pull out of F1 as well. It is currently looking for a buyer for its team - with Richard Branson’s Virgin Group mentioned as one possible bidder.
Honda - which spent in excess of £100 million on the team last season - needs to find a buyer before the start of the new F1 season in March, otherwise it will shut the team down. Aside from Branson, there have been reports of at least another ten interested parties. However Honda claims that none of them have crystallised into serious offers as yet. Speaking at the weekend, Honda CEO Takeo Fukui said: “There are various offers but we have not seen any serious buyer yet. We find the sale process difficult.”
