ING Terminate Renault Deal Immediately

Dutch banking group ING yesterday announced that it has terminated its title sponsorship of Renault F1 Team “with immediate effect.” It seems the recent race fixing scandal in which the Enstone based team was found guilty by the World Motor Sport Council (WMSC) determined ING to immediately stop their collaboration with the French manufacturer.

Earlier this year, ING announced it will not renew its contract with Renault F1 from 2010 onwards because of the economic crisis. However, due to the immense scandal in the crash-gate, the R29 will no longer feature the ING logos in the final 3 races of the season.

According to the GMM news agency, “it is believed that both sponsors cite a clear and serious breach of contract, due to clauses requiring the Enstone based team to comply with FIA rules and regulations.”

“ING is deeply disappointed at this turn of events, especially in the context of an otherwise successful sponsorship,” said a media statement from ING late on Thursday.

The announcement came after the Renault mechanics worked on the “fully ING-branded cars in the pits of the Asian city-state's street circuit”. Also, this is the second major blow received by Renault during the last few days, after Mutua Madrilena also decided to pull their logos from the R29 prior to the Singapore Grand Prix.

Like ING, Mutua Madrilena also decided to terminate their financial deal with Renault with immediate effect as a result of the crash-gate. Renault is yet to issue a statement on the matter.