Renault statement regarding ING’s withdrawal
“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 recognized worldwide thanks to an innovative and proactive sponsorship program 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 program of measures we are confident we can guarantee a solid future for our team and for Formula One."
[Editor's Note: Aside from the difficulty of finding a replacement title sponsor in such a difficult economy, Renault has a history of turning up in F1, winning and then quitting. Team leader Flavio Briatore has already admitted he only intends to stay in the sport until the end of 2010. And Fernando Alonso is widely believed to be defecting to Ferrari as soon as one of their regular drivers leaves or is sacked. The prospect of having to replace him and Briatore, compounded by their financial pressures, could mean Renault have more reasons to leave F1 than to stay.]