ING to pull out of F1

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iceman1
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ING to pull out of F1

Post by iceman1 » 16 Feb 2009, 13:29

The Dutch bank ING on Monday announced that it will end its Formula One sponsorship activities at the end of 2009.

It was already clear that Renault's embattled title sponsor was reviewing the F1 programme - which also includes trackside advertising and naming sponsorship of Grand Prix - because of the global financial crisis.

The Dutch government recently moved to safeguard ING Group, who had posted a second consecutive multi-billion dollar quarterly loss and decided to cut F1 spending by 40 percent this year.

The three-year title sponsorship of Renault was due to expire at the end of this year.
A statement said ING has decided ‘not to renew’ the deal and therefore will ‘end its presence in F1’ beyond 2009.

"ING has enjoyed the relationship with Renault F1 and will continue to work closely with the team during the final year of the partnership," the statement added.


Renault react to ING announcement :

Following the news that Dutch bank ING is to withdraw from the sport at the end of 2009, Renault this morning made the following statement.

'The ING Renault F1 Team understands completely ING’s decision not to extend its Formula One sponsorship beyond the 2009 season.'

“During the past three years, the Team and ING have enjoyed a rewarding and successful relationship,” commented Renault F1 Team Managing Director, Flavio Briatore.

“ING has been an enthusiastic and supportive partner for the Renault F1 Team in all respects,” he continued. “They have been a true success story and have become a brand that is recognised worldwide thanks to an innovative and proactive sponsorship programme with our Team and Formula One.


“However,” he concluded, “we have been aware for quite some time that the world’s current financial climate was calling for a restructuring of our sport and with FOTA we have moved in that direction."

"Drastic cost reductions have been on FOTA’s agenda as one of the first priorities and with the ongoing programme of measures we are confident we can guarantee a solid future for our team and for Formula One.”

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Re: ING to pull out of F1

Post by Zack » 16 Feb 2009, 13:58

Sounds oblivious ... but its good they have agreed to support at least this year!

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metalhead188
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Re: ING to pull out of F1

Post by metalhead188 » 16 Feb 2009, 18:01

it was only a matter of time... i guess that means Renault will have to let Alonso go at the end of the season since they won't be able to afford him anymore

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Re: ING to pull out of F1

Post by jonyq » 17 Feb 2009, 02:41

The world is just being reset to how much it really has...

As much as we love the sport, we can't really agree with the business. Alonso to Ferrari?

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Re: ING to pull out of F1

Post by metalhead188 » 17 Feb 2009, 02:54

if his personal sponsors have their way with things yeah...

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Re: ING to pull out of F1

Post by JoostLamers » 17 Feb 2009, 10:25

Now there's nothing Dutch left in F1, there was a lot of comotion (don't know if that's correct :p ) about the bank. The were in trouble and needed money, the people were not happy
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Re: ING to pull out of F1

Post by BMWSauber5 » 17 Feb 2009, 10:39

i heard somewhere that if ING pulls out, Renault follows Honda and SA because they wont be able to afford half the things they have!
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Re: ING to pull out of F1

Post by swca92 » 17 Feb 2009, 10:42

Well if ING are in that much trouble they shouldn't have entered F1 in the first place,and realised they would be in trouble before 2007.Also Joost there are 2 m's in commotion.

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Re: ING to pull out of F1

Post by phil1993 » 17 Feb 2009, 10:48

You say that but when they agreed the deal in 2006, no-one saw the credit crunch coming and we were still in 'the boom years' - it was only Mid-2007 when the problems first arose.

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Re: ING to pull out of F1

Post by iceman1 » 17 Feb 2009, 13:25

The Good thing is that we'll get rid of the ING Livery :p

All banks' to exit Formula One - Surer : http://en.f1-live.com/f1/en/headlines/n ... 0908.shtml

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Re: ING to pull out of F1

Post by phil1993 » 17 Feb 2009, 13:43

Does this mean that ING will also stop sponsoring Reading Train Station :p

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Re: ING to pull out of F1

Post by iceman1 » 18 Feb 2009, 13:41

Headline figures from Renault’s financial statements :
Revenues for the year were €37,791 million, down 7% over the year and 28.7% in the final quarter
Operating margin came to €212million
* End-2008 inventory was down €666million compared with 2007
* Automobile’s net financial debt increased by €5,856million to €7,944million owing to a sharp reduction in activity coupled with yen appreciation
* At end-December 2008, the Group had €4.2billion in confirmed credit agreements for Automobile, of which €518 million drawn down, and €5.2 billion for Sales Financing, of which €753 million has been used. In addition, the French government has announced a loan of €3 billion, and a two-fold increase in RCI Banque’s drawing facilities at Société de Financement de l’Economie Française (SFEF) to €1billion.


Possible job cuts at Renault:
The Renault Formula One team, based in Oxfordshire, has begun consulting with staff about more than 60 job losses.

The company, which is also losing its main sponsor, employs 350 people at its Entone headquarters.

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Re: ING to pull out of F1

Post by metalhead188 » 18 Feb 2009, 18:24

ING to sponsor the Turkish GP this year...

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