RBS’ pullout is set to save the bank, now 70 per cent owned by the British government, £12 million (US$17 million) a year when its three-year contract with the Williams team expires at the end of the 2010 season.
The pullout also puts into question the survival of the lavish motor sport after Dutch bank ING announced last week that it too was pulling out, as is Credit Suisse, which abandoned its sponsorship of BMW Sauber, last month.
F1’s sponsorship crisis began last December when Honda announced its pullout from the sport altogether amid the deepening global economic turmoil.
For further coverage see Brand Health Check in the 26 February issue of Media.
The pullout also puts into question the survival of the lavish motor sport after Dutch bank ING announced last week that it too was pulling out, as is Credit Suisse, which abandoned its sponsorship of BMW Sauber, last month.
F1’s sponsorship crisis began last December when Honda announced its pullout from the sport altogether amid the deepening global economic turmoil.
For further coverage see Brand Health Check in the 26 February issue of Media.
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