Written by:
Kevin Krefting
10/15/2006
Amsterdam, Holland
The Mild Seven/Renault partnership is ending, but that's not bad news for Renault or F1. (LAT photo)
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World champion team Renault confirmed on Monday that ING will become its title sponsor next season, the first year of a three-year deal. The Dutch financial company replaces Renault's longtime primary backer Mild Seven, whose tobacco branding is becoming an increasingly unwelcome as countries are eliminating tobacco sponsorship of sporting events.
"We are delighted to welcome ING to Formula 1 as our title sponsor," said Renault team president Alain Dassas. This is an important agreement for the growth and development of the Renault F1 team, providing long-term stability that reinforces our long-term commitment to the sport."
"We would like to take the opportunity to thank Mild Seven for their unstinting support during the past 13 seasons," added team boss Flavio Briatore. "Their loyalty and dedication stand as examples for corporate involvement throughout Formula 1.
"They entered the sport as winners, with world championship victory as Benetton's title sponsor in 1994 and 1995. After last year's dramatic double championship win with Renault, we are working flat out to ensure they can leave the sport in the same way: on a high, as the winners of consecutive world championships."
Briatore declared that Renault's new deal should ease concerns that F1's commercial future is jeopardized by the departure of tobacco companies from the sport.
"I think this is good news for F1," said Briatore of the deal. "When F1 lost the cigarette (sponsorship) everyone was worried about the finances of the team, because tobacco was very generous. But at the moment tobacco has gone and the major corporations have come back into F1. This is good news in the end."
Renault and ING declined to say whether the team's traditional color scheme will change as a result of the deal. There is speculation in Holland that the cars could become predominantly orange, the corporate color of ING.
"You will see the Renault car in January for the presentation," Briatore said. "I am not reading the future of the other teams. It is important to just have the quick one - that is more important. We don't care if somebody else has an orange car."
Cees Maas, Vice-Chairman and Chief Financial Officer of ING Group, said that there was no hesitation for ING to commit to Renault, even though a Dutch consortium had just bought the MF1 team.
"The most important reason why we chose Renault is that it fits the ING brand the best," he said. "We are a large international company. We have 120,000 people in the company, by far the majority of people work outside our home country, so we are a large financial organization and therefore not linked with just a Dutch team.
"Secondly, and more importantly, we felt with Renault with their winning performance and track record, it was important to link a team like that with ING rather than team who have just started. We felt that we were better aligned as a brand with Renault than any other team."
