ING to end Formula One sponsorship

The Dutch financial concern ING which started sponsoring Renault in 2007 has reported that it will stop all involvement in Formula One as of the end of this year, when its 3-year contract with Renault comes to an end.

The company is said to be happy with its current involvement and the way it has helped to get its name known around the world.

Due to the financial difficulties however, 40% of its sponsorship will be cut, including Formula One. It also reported to slash 7000 of its total workforce to further cut costs.