Renault are the latest Formula One team hit by economic crisis

The ongoing world economic crisis has hit Renault because its main sponsor ING has announced that they are unable to support the team from 2010.

This means that Renault are the latest Formula One outfit to join the ranks of those teams already hit badly by the crisis.

ING, which is a Dutch financial services company needs to cut costs and last month said it was cutting 7,000 jobs to save £949m, so this is why they have decided to pull out of the arrangement.

Renault boss Flavio Briatore was sad to get the news although he admitted he was well aware of the financial crisis and that a restructure of his team will be called for.

Although Renault have lost ING as a sponsor, Briatore is confident a way can be found for his team to carry on and do well.

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Last Updated ( Monday, 23 February 2009 )

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