Crisis hits another major F1 backer

(GMM) A second major formula one sponsor has hit the headlines amid the fallout of the global financial crisis.

We reported last week that Williams backer the Royal Bank of Scotland (RBS) was bailed out by the British government, which could result in the winding up of its sports sponsorships.

It is now emerging that the Dutch bank ING, F1 team Renault's title sponsor, will receive 10 billion euros from the Dutch government amid concerns it might collapse this week.

ING shares in Amsterdam plummeted 27 per cent last Friday as the bank announced it expected to record massive losses.

Shares soared by nearly 19 per cent upon announcement of the bailout news on Monday.