ING To Review And Cut-Back F1 Sponsorship
The Dutch banking giant ING has said in a statement today that it will be reviewing its F1 sponsorship as it looks to save money amidst the major economic crisis.
The company, set to make over 1million euros in losses this year is looking to downscale its participation in major sporting events, with F1 seen as a major expenditure. Around 7,000 employees of ING are to be made redundant.
“ING will cut operating expenses by EUR 1 billion in 2009,” said the statement. “The structural expense reduction will lead to annual savings of approximately EUR 1.1 billion from 2010 onwards. Of the cutback, 35% will come from a reduction of the workforce by approximately 7000 full-time positions in 2009.
“The remainder of the expense reduction comes from decreasing costs for our head office, marketing, the Formula One program, consultancy, third-party staff and the renegotiating of certain contracts with IT-vendors. Of the total expense reduction, EUR 650 million will be realized in Banking and EUR 350 million in Insurance.”
ING are the major sponsor of Renault F1 Team, a team in jepoardy as it is, and also the sponsor to the Australian, Hungarian, Belgian and Turkish Grand Prix.