RBS confirms Williams and F1 sponsorship

RBS and the Williams F1 team today announced that their partnership will conclude at the end of the current contract in 2010. The partnership began in 2005 and was renewed for a second three-year term in 2007. So far the partnership has not been extended due to the current economic state, and F1 sponsorship has been reduced 25% for this year.

Andrew McLaughlin, RBS Group Director, Communications:
"We recognise that we are now operating in a very different economic environment and have been reviewing all of our activities since October. It is imperative that we respond to the reality of the situation we face and that we do so in an orderly way that respects the commercial agreements we have in place and the implications for our partners and the jobs they support. Throughout our relationship, Williams have shown great understanding and innovation in driving the programme forwards. They have been very supportive in finding ways to reduce costs over the remainder of our contract. This early announcement allows Sir Frank Williams and his team to plan ahead financially."

Sir Frank Williams, Team Principal of Williams F1:
"RBS has been a great partner for this team and we are pleased to have made our contribution over the past four years to developing the RBS brand internationally. Thanks to the support of RBS and our many other loyal partners, we are in a strong position to ride out the inevitable challenges of the next two years. RBS is showing great responsibility to the role that we play in the British economy, supporting over 500 highly skilled technology jobs in a sector in which Britain leads the world. In the last three years, Williams has spent over £100 million with 2,700 UK suppliers and it is of course important that this business endures."

Furthermore, RBS Formula One paddock hospitality has been reduced by 90%.