ING dumps Renault F1
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ING, the title sponsor of Renault F1, has severed all ties with the team immediately in the wake of the race-fixing scandal.
The Dutch bank announced earlier this year that it was to end its sponsorship of the team at the end of the season as part of cost-cutting drive but has decided to pull out four races early.
The firm’s decision follows the verdict of the World Motor Sport Council earlier this week, which ruled that Renault conspired to cause a deliberate crash in order to fix the result of last year’s Grand Prix in Singapore, an offence, it says “of unparalleled severity”.
The team was handed a two-year suspended band, while former team boss Flavio Briatore, who days earlier had resigned from his post, has also been barred from any involvement in FIA-sanctioned events indefinitely.
In a statement, ING says “it is deeply disappointed at this turn of events, especially in the context of an otherwise successful sponsorship”.
The bank’s decision is a second blow for Renault, which lost the support of Spanish insurance firm Mutua Madrilena yesterday (24 September).
Renault’s other sponsors include Total, Puma and Pepe Jeans.
Readers' comments (1)
Camilla Winlo | Sat, 26 Sep 2009 11:22 pm
ING will have got more publicity from ending this contract than they would have done if it had continued - let's just hope all publicity really is good publicity!
There are huge potential reputational risks whenever two brands link up - and it's all too easy to leave it to legal and compliance to make sure that the risks are managed within the contract.
You can read my blog post about the importance of marketers taking a strong stand on brand reputation when choosing partners at www.financialservicesmarketing.blogspot.com
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