ING in trouble, what happens with Renault?

[nobster]

Just on the news in Holland, INg bank is in financial trouble and have requested gouvernment support.
Surely that would mean the end as sponsor in F1?

[Icebaby]

Would certainly be the case if its true as goverment help will not go towards sopnsership of this nature.

[Icebaby]

Are Renault not getting Santander sponsership if Alonso stays at Renault or is this a 2010 option as they signed for 3 years with Mclaren?.

[Mr V]

Originally Posted by Icebaby

Are Renault not getting Santander sponsership if Alonso stays at Renault or is this a 2010 option as they signed for 3 years with Mclaren?.

Haven't heard that, but have heard that Santander will be going to Ferrari with Fernando as driving for the team.

[Icebaby]

I just thought the plan was for Santandar to hook up with Alonso again where ever he may be so nothing official.

[Tim Falce]

Sod F1, what about my savings?

[GORDON STREETER]

Funny this, but last year my local Santander bank manager in Spain advised us not to invest in ING, but wouldn't go into details.
What did he know then ? I don't think it was just sour grapes !

[Hazard]

A Red Renault? Doesn't really work for me I suppose it's better than shade d'carrot vomit and blue.

Santander haven't been mentioned with Alonso's Renault/Honda drive, just footing his potential Ferrari pay-cheque. Sponsoring a high probability champion in a Ferrari's worth a lot to Santander.

So we stray off point. If Renault lose ING, they'll need someone else quite obviously

I'm sure they'll crawl around and hope for a Telefonica return perhaps - don't forget, they couldn't follow Fernando to McLaren because of Vodafone.

[duke_toaster]

I'd like to see Renault in an Elf colour scheme

Or we could go back to the 1970s ... in these corporate days I don't think anyone would have the balls to have Durex plastered over the cars ... or have one's logo next to it!

[Olive]

I can't imagine they'll stop the sponsorship. They still need to advertise, whoever owns them. How many of us had heard of ING before they got into F1?

[Bononi]

I never knew it before, and I still don't know what exactly they do, a beer brand ?

[duke_toaster]

sorry, please delete. I wasn't funny.

[Super Hans]

Originally Posted by Olive

How many of us had heard of ING before they got into F1?

I had.

They had that advert with the lifebelt. Quite ironic now, of course.

[zac510]

So the sponsorship scheme will now change to the Dutch Treasury logo/colours?

[Adam43]

and Jos the Boss will make a comeback.

[Knowlesy]

And, in turn, our very own steve nielsen!

Renault are doomed I tells yer!

[ScotsBrutesFan]

Originally Posted by nobster

Just on the news in Holland, INg bank is in financial trouble and have requested gouvernment support.
Surely that would mean the end as sponsor in F1?

It's not really that different a position to Williams with RBS (now with a percentage owned by the UK Government) on the Engine cover.

It would still have to have an advertising budget, assuming the Dutch government don't shut it down.

[GORDON STREETER]

Originally Posted by Bononi

I never knew it before, and I still don't know what exactly they do, a beer brand ?

Its a "branchless" direct high interest savings account company.
Just the business to be in at the moment, I suppose the investors have been watching their money going round the F1 tracks

[Marbot]

It's lookING like ING are goING to be leavING F1.

The shareholders and the government won't spend any unnecessary cash on F1.

Jos back in F1! ****ING HELL!

[broadrun96]

ING is an investment bank with branchless savings deposits through ATM and internet access and an international insurance bank. The 10 billion euro "investment" is intended to be a temporary loan with the Dutch govt taking over 8.5% of the company. However, the loan is supposed to keep ING operating as usual and is not a true bailout. Doubt it would impact the sponsorship budget as it's a good way to increase the investment potential to repay the "loan" and they will now be the sponsor of 3 F1 events as well, Australia 09, Spa 09 and Hungary (not sure when it ends).

[Dutton]

Crikey. I would've thought my car insurance alone would've assured ING of stable profits! Mind you, the insurance side is apparently a distinct company. I cannot help but think one will be affected by the other, though.

I think I better start looking around at other companies.

[Marbot]

A small article about the ING thING.

http://www.pitpass.com/fes_php/pitpa...s_art_id=36376

[BootsOntheSide]

Don't worry about Jos, Nelsinho is half-Dutch.

Unfortunately, all the banks are in danger at the moment, and what appeared to be solid reliable sponsors may not be. With less companies willing to invest large sums of money into advertising, and Renault traditionally less enthusiastic about spending money in F1 than some other companies, it could ahve an effect on their future commitment if a 2009 championship attack with Alonso doesn't work out well.

[Marcel ten Caat]

The 10 billion is a loan that will be paid back with interest to the government, nothing like what happened in Iceland with their banks and with Fortis where the government took over the companies.

For your information, ING made a 9+ billion profit in 2007 and including the Q3 results (of -500 million) they have still made a 3 billion profit so far this year.

Dutch government has said they only invest in healthy companies that they are sure will survive.

So far there is nothing that hints at pulling out of the F1 deal, last week they even confirmed the deal will run through 2009 and could be extended for 2010-2012.

[Marbot]

Originally Posted by Stranger

So far there is nothing that hints at pulling out of the F1 deal, last week they even confirmed the deal will run through 2009 and could be extended for 2010-2012.

I'm not so sure that all Dutch tax payers will be glad to hear that.