Renault Still Strong, Despite Loss of ING Group

Renault's Flavio Briatore insisted his team has a solid future inside Formula 1, despite the loss of title sponsor ING Group after the 2009 season. The Italian argued that the new cost cutting measures introduced by the International Automobile Federation for the upcoming seasons will make it easier for Renault – and other teams as well – to survive financially in the series without the backing of a major sponsor.

Briatore also thanked ING for their support and good relationship throughout their 3-year sponsorship deal – the last of which will see the Swiss bank cut back their Formula 1 investment by more than 40 percent – that will end after this season's finale at Abu Dhabi.

“During the past three years, the team and ING have enjoyed a rewarding and successful relationship. ING has been an enthusiastic and supportive partner for the Renault F1 team in all respects. They have been a true success story and have become a brand that is recognised worldwide thanks to an innovative and proactive sponsorship programme with our team and Formula One,” said Briatore in a statement on ING Renault's official site.

“However, we have been aware for quite some time that the world's current financial climate was calling for a restructuring of our sport and with FOTA we have moved in that direction.”

“Drastic cost reductions have been on FOTA's agenda as one of the first priorities and with the ongoing programme of measures we are confident we can guarantee a solid future for our team and for Formula One,” added the statement.

Along with Renault F1 team, ING Group is also expected to announce the end of their sponsorship deal with Spa-Francorchamps circuit. The host of the Belgian Grand Prix announced, however, that this will not affect the future of the race.