ING, Mutua Madrileña End Sponsorship Of F1 Team Renault

ING Pulls Renault Sponsorship Early In Wake Of Scandal Surrounding Team

F1 team Renault Thursday was "hit by the fallout" of the team's "Crashgate" scandal after ING and Spain-based insurance company Mutua Madrileña announced they were "terminating their contracts with immediate effect," according to Roger Blitz of the FINANCIAL TIMES. ING, the team's title sponsor, "had announced in February that it would not be renewing its three-year sponsorship of the team after the end of this season, but has now decided to part company with Renault with four races of the season remaining." Meanwhile, Mutua Madrileña, whose "main business is auto insurance," has "demanded the withdrawal of the company's name from the team's cars, although it will continue to sponsor" Renault driver Fernando Alonso. However, Renault said that Mutua Madrileña was "not a major sponsor." The team added that it was "not aware of discussions with other sponsors about the implications of the Crashgate scandal" (FINANCIAL TIMES, 9/25). In London, John O'Brien notes ING was the "largest sponsor on Renault's books, providing more than half their total sponsorship revenues according to some estimates, and the team have yet to announce a replacement" (London INDEPENDENT, 9/25). ING's deal reportedly was worth US$48.0M a year (LONDON TIMES, 9/25).