All the global banking and insurance companies are in the mood of cut-costing. After AIG has got himself out from Manchester United, its now ING's turn, as they are looking for an orderly exit from its contract with Renault team.
ING is one of the top sponsors in Formula One, with a title sponsorship of the Renault team, and title sponsorship of two races and with track advertising at 14 of the 18 races last year. The company has also had a large marketing campaign connected to its Formula One program over the last couple of years. As part of the cost cuts the company is cutting its Formula One sponsorship by 40 percent in 2009.
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