ING could leave F1

UPDATE Major F1 sponsor ING has confirmed that it's committed to the sport in spite of announcing a cut of 7000 jobs in its workforce on Monday. ING is the title sponsor of the Renault team, as well as being the title sponsor of the Australian, Hungarian and Belgian Grands Prix and availing of significant trackside advertising at many races.

A spokesperson for ING told the AFP news agency that the job cuts won't affect their F1 involvement in 2009. “This announcement is totally without effect on the coming season," the spokesperson said.

However, with ING's title sponsorship contract with Renault due to come to an end in 2009, the bank will decide mid-season whether or not to extend the arrangement, having joined the French team in 2007. “This is the last year of a three-year contract with Renault," the spokesperson continued. “We'll decide this summer what we'll do with the contract after 2009."

01/26/09 (GMM) ING, Renault's embattled title sponsor, will review its sponsorship of the French formula one team in the middle of 2009, a spokesman has told the International Herald Tribune.

And the financial news service Bloomberg said the Dutch bank, already propped up by the government and now posting a second consecutive multi-billion dollar quarterly loss, has already decided to cut its Renault backing this year by 40 per cent.

Just the latest example of how the global financial crisis is affecting the sport, ING – one of the most visible and lucrative F1 sponsors – is shedding 7000 jobs and has announced the departure of its chief executive Michel Tilmant, an F1 fan.

The institution's loss to F1 would be significant, given its title sponsorship also of two grands prix, and trackside advertising at most races.

A spokesman clarified that the 40 per cent cut reported by Bloomberg relates to ING's non-F1 contracts, but it is true that the existing Renault deal expires this year.

ING's annual spend on F1 currently tallies about 77m euros.