Off the back of a disastrous chapter for the British company, the Royal Bank of Scotland has admitted its sponsorship of the Formula One team Williams is under review.

Williams' RBS deal still has two years to run, but after losing nearly 70 per cent of its share price, the bank admitted this week that it is set to record the biggest ever corporate loss in British history.

"We recognise the need to ensure that our sponsorship activity reflects the process of restructuring that the bank has under way," a spokesman is quoted as saying by the Daily Telegraph.


The bank would not be Williams' only sponsorship loss, after recently unveiling its 2009 car without the usual backing of Baugur firms, as well as 2009 sponsors Lenovo and Petrobras.

© CAPSIS International
Source: GMM

ING, Renault's embattled title sponsor, will review its sponsorship of the French Formula One team in the middle of 2009, a spokesman has told the International Herald Tribune.

And the financial news service Bloomberg said the Dutch bank, already propped up by the government and now posting a second consecutive multi-billion dollar quarterly loss, has already decided to cut its Renault backing this year by 40 percent.

Just the latest example of how the global financial crisis is affecting the sport, ING - one of the most visible and lucrative F1 sponsors - is shedding 7,000 jobs in a bid to cut costs by €1bn and has announced the departure of its Chief Executive Michel Tilmant.


The institution's loss to F1 would be significant, given its title sponsorship also of two Grand Prix, and trackside advertising at most races.

A spokesman clarified that the 40 percent cut reported by Bloomberg relates to ING's non-F1 contracts, but it is true that the existing Renault deal expires this year.

ING's annual spend on F1 currently tallies about €77m.

E.A, Source: GMM
© CAPSIS International

 

If you listen really closely, you can hear the bosses of the relatively smaller F1 teams laugh in unison as the playing field levels out in terms of the teams' respective financial capabilities!!!!

Muuhhaaahhaaaaaahhaaaaa!!!!

Bring on the 09 season!

 

and if you listen to me closely you would hear me laughing at your comment