Flavio positive for future despite ING loss
#1
02-17-2009, 10:20 AM
Flavio positive for future despite ING loss
Renault managing director Flavio Briatore is confident the ongoing Formula 1 cost-cutting drive can “guarantee a solid future" for his team despite the loss of title sponsor ING from 2010.
The Enstone-based squad’s main backer announced on Monday that it would not be extending its sponsorship deal with the team when it expired and would withdraw from F1 altogether at the end of this year as part of its own wider cost-saving measures due to the financial crisis.
Renault said in a statement that it “understands completely” ING’s decision to pull out at the end of its three-year agreement and Briatore thanked the Dutch insurance giant for its support.
“During the past three years, the Team and ING have enjoyed a rewarding and successful relationship,” Briatore said in a statement on the team's website.
“ING has been an enthusiastic and supportive partner for the Renault F1 Team in all respects.
“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 1.”
Renault had been considered potentially one of the more likely manufacturer giants to follow Honda out of the F1 exit door last December due to the dire problems car firms are facing in the current economic climate, although it quickly publicly reaffirmed its commitment to the sport.
Briatore, a long-time champion of cost-cutting in F1, added that now the sport was beginning to address its cost problems following the wide-ranging package of reductions agreed between the teams and the FIA, his team's future was looking healthier.
“However, 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,” he added.
“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 1.”
source[www.itv-f1.com]
The Enstone-based squad’s main backer announced on Monday that it would not be extending its sponsorship deal with the team when it expired and would withdraw from F1 altogether at the end of this year as part of its own wider cost-saving measures due to the financial crisis.
Renault said in a statement that it “understands completely” ING’s decision to pull out at the end of its three-year agreement and Briatore thanked the Dutch insurance giant for its support.
“During the past three years, the Team and ING have enjoyed a rewarding and successful relationship,” Briatore said in a statement on the team's website.
“ING has been an enthusiastic and supportive partner for the Renault F1 Team in all respects.
“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 1.”
Renault had been considered potentially one of the more likely manufacturer giants to follow Honda out of the F1 exit door last December due to the dire problems car firms are facing in the current economic climate, although it quickly publicly reaffirmed its commitment to the sport.
Briatore, a long-time champion of cost-cutting in F1, added that now the sport was beginning to address its cost problems following the wide-ranging package of reductions agreed between the teams and the FIA, his team's future was looking healthier.
“However, 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,” he added.
“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 1.”
source[www.itv-f1.com]
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