ING terminates Renault title sponsorship with immediate effect

ING, the title sponsor of the Renault F1 Team, has terminated its sponsorship deal with the French outfit with immediate effect. Earlier today, Mutua Madrilena already made the same announcement as a result of the 'crashgate'-scandal.

The statement of ING said: "ING announced today that in light of the verdict of the World Motor Sport Council of 21 September 2009 concerning the events that occurred at the 2008 Singapore Grand Prix, ING will terminate the contract with Renault Formula 1 with immediate effect.

"ING is deeply disappointed at this turn of events, especially in the context of an otherwise successful sponsorship. As announced on 16 February of this year, ING decided not to renew the three year sponsorship (2007-2009) contract with Renault F1 and to end its presence in Formula 1 after the 2009 season."