ING withdraws Renault F1 sponsorshi

The Dutch financial services company claims the withdrawal was due to a clear and serious breach of contract, which included clauses that required the team to comply with FIA rules and regulations. ING are the second sponsors to withdraw for that reason, with Spanish insurance group Mutua Madrilena also pulling out earlier in the day.

A statement released by ING on Thursday read, "ING is deeply disappointed at this turn of events, especially in the context of an otherwise successful sponsorship," ING were the major sponsors of the Renault team, accounting of half their sponsorship costs.

Renault now has a race against time to remove ING's logos from its cars and drivers' apparel ahead of the Singapore Grand Prix this weekend, when first practice gets underway on Friday evening. The ING logos were still prominent on Renault's equipment on Thursday, before the practice sessions had started.

Both ING and Mutua Madrilena had previously indicated that they would withdraw sponsorship at the end of the season, but the scandal where Renault was found guilty of fixing the result of the 2008 Singapore Grand Prix only served to accelerate their exit.