Breaking: ING to terminate contract with Renault F1 with immediate effect

In a statement released this afternoon:

ING announced today that in light of the verdict of the World Motor Sport Council of 21 September 2009 concerning the events that occurred at the 2008 Singapore Grand Prix, ING will terminate the contract with Renault Formula 1 with immediate effect.

ING is deeply disappointed at this turn of events, especially in the context of an otherwise successful sponsorship. As announced on 16 February of this year, ING decided not to renew the three year sponsorship (2007-2009) contract with Renault F1 and to end its presence in Formula 1 after the 2009 season.

Earlier today, fellow Renault sponsor Mutua Madrilena, a Madrid-based insurance company, also cancelled its sponsorship of the French team with immediate effect.

Dubbed "crashgate," the wrath of F1 and its sponsors have come down upon Renault after it came to light that the team deliberately caused a crash in order to fix the result of Singapore's Grand Prix. ING had previously announced it would end its sponsorship of the Renault team at the end of this season.

Time to revamp that sponsorship page.