ING Group Announce F1 Quit
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ING had previously announced cutting back on their F1 spending earlier this year, due to the economic downturn. They then announced that a decision about their future involvement in the series will be made in the mid-season. However, the company issued a short statement on Monday, confirming their departure from the sport shortly after this season's finale.
“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,” said the statement.
“ING's participation in Formula One was the company's first global sponsorship project aimed at delivering revenue and raising the global brand awareness, particularly in ING's key growth markets. Over the past two years, ING has successfully achieved its objectives for the F1 sponsorship, raising its overall global brand awareness by 16% (March 07 vs November 08).”
“F1 remains a powerful business driver even in a difficult economic climate. Whilst ING has cut the F1 sponsorship costs by 40% in the final year, revenue generating opportunities will be a continuing focus through 2009. ING has enjoyed the relationship with Renault F1 and will continue to work closely with the team during the final year of the partnership,” added the statement.
The announcement will lead to Renault searching for a new title sponsor for the 2010 season. An official position on the matter is yet to be issued by the Enstone-based team.
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