ING cuts back on F1 sponsoring

bogaTYR

Points Scorer
Here's part of a press release from ING from this morning. So Renault could have an issue this year or the next, Philips is expected to do the same after their results published this morning, and then Williams has an issue this year or the next.

"REDUCING EXPENSES
ING will cut operating expenses by EUR 1 billion in 2009. 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 7,000 full-time positions in 2009. The remainder of the expense reduction comes from decreasing costs for our head office, marketing, the Formula 1 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."
 

dibbo

Rookie
I don't think it will effect Renault too much this year. I think I read somewhere that most of there cut backs in F1 will be to do with the trackside sponsoring. ;)
 
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