Renault has solid future in F1 - Briatore

Today, ING announced that it will end its Formula One sponsorship with the Renault team at the end of 2009. Despite losing the title sponsor, Renault boss Flavio Briatore is convinced that his team has a "solid future" in the sport.

Briatore said in a statement: "During the past three years, the team and ING have enjoyed a rewarding and successful relationship.

"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 One.

"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.

"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 One."