Indiantelevision.com Team

(19 February 2009 10:00 pm)

NEW DELHI: Sports is also being hit by the current recession and in a major blow, the Dutch banking and insurance giant ING Group has decided not to renew its sponsorship of Renault Formula One team after the 2009 season.

This is a cost-cutting move, after the company announced last month in January that it would reduce spending on Formula One by 40 per cent this year and review participation after 2009.

ING has been sponsoring the Renault team since 2007, with a budget of $100 million in an effort to boost global awareness of its brand.

ING is reported to have incurred multibillion dollar losses, but saw fresh life after the company was bailed out by the Dutch government when the financial crisis began last year.

This comes as another blow to the game, after Honda’s decision earlier this year to depart, followed by Credit Suisse Group ending its sponsorship of BMW Sauber.