Formula One news

Briatore guarantees solid future for Renault

Dutch bank ING announced on Monday morning it will not continue as a sponsor in Formula 1 when its contract ends at the end of this season. Renault F1 team boss Flavio Briaore completely understands the bank's position and believes the team's future is still secured even though it sees its title sponsor leave at the end of the year.

"During the past three years, the Team and ING have enjoyed a rewarding and successful relationship," commented Renault F1 team boss, Flavio Briatore. "ING has been an enthusiastic and supportive partner for the Renault F1 Team in all respects," he continued. "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."

"However," he concluded, "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."

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