At the same time, it has emerged that Renault's title sponsor ING Group also decided to terminate their deal with the French car maker with immediate effect, although they were initially due to continue that contract until the end of 2009.
Both Mutua Madrilena and ING Group had contracts due to expire at the end of 2009 with the British team, yet they both announced earlier this year that an extension from 2010 onwards will be out of the question – mainly because of the economic crisis. However, due to the breach of contract by Renault – who broke the FIA sporting regulations – both companies decided not to wait until the end of the season and end their deal immediately.
“Mutua Madrilena requested that the contract be terminated immediately, and indeed in the Renault garage on Thursday the Singapore-specification R29 cars no longer featured the company's logos on the monocoque sides,” noted the GMM news agency.
The Madrid insurance company had a contract estimated at 3.5 million euros per year with Renault F1 Team. The Enstone based team is yet to issue a statement on the loss of its two sponsors.