Renault’s title sponsor, ING, has pulled the plug on its sponsorship deal with the French team after it was found guilty of fixing the Singapore Grand Prix.
The Dutch bank was due to sponsor Renault until the end of the current 2009 season after announcing earlier in the year that it would not be renewing its contract with the French team.
But in the aftermath of Monday’s World Motorsport Council hearing – in which Renault were dealt a two year suspended ban for ordering Nelson Piquet to crash his car in the Singapore Grand Prix to help Fernando Alonso win – ING confirmed that they will be terminating the contract with immediate effect.
The company said in a statement: “ING announced today that in light of the verdict of the World Motor Sport Council of 21 September 2009 concerning the events that occurred at the 2008 Singapore Grand Prix, ING will terminate the contract with Renault Formula 1 with immediate effect.”
“ING is deeply disappointed at this turn of events, especially in the context of an otherwise successful sponsorship. As announced on 16 February of this year, ING decided not to renew the three year sponsorship (2007-2009) contract with Renault F1 and to end its presence in Formula 1 after the 2009 season.”
Spanish insurance company Mutua Madrilena will also be ending its relationship with the team in the wake of the scandal.