Williams team to lose another sponsor

(GMM) Off the back of a disastrous chapter for the British company, the Royal Bank of Scotland has admitted its sponsorship of the formula one team Williams is under review.

Williams' RBS deal still has two years to run, but after losing nearly 70 per cent of its share price, the bank admitted this week that it is set to record the biggest ever corporate loss in British history.

"We recognize the need to ensure that our sponsorship activity reflects the process of restructuring that the bank has under way," a spokesman is quoted as saying by the Daily Telegraph.

The bank would not be Williams' only sponsorship loss, after recently unveiling its 2009 car without the usual backing of Baugur firms, as well as 2009 sponsors Lenovo and Petrobras.