Oxfordshire’s Renault F1 team has today announced the loss of its main sponsor.

The successful outfit based in Enstone, west Oxfordshire, will no longer carry the name of ING on its cars after the end of the coming season.

In a statement, Renault F1 said it “understands completely” the decision by the Dutch financial services company.

Managing director Flavio Briatore said: “During the past three years, the Team and ING have enjoyed a rewarding and successful relationship.

“ING has been an enthusiastic and supportive partner for the Renault F1 team in all respects. They have been a true success story and have become a brand that is recognised worldwide thanks to an innovative and pro-active sponsorship programme with our team and Formula One.

“However, we have been aware for quite some time that the world’s current financial climate was calling for a restructuring of our sport and with FOTA (Formula One Teams’ Association) we have moved in that direction.

“Drastic cost reductions have been on FOTA’s agenda as one of the first priorities and with the ongoing programme of measures we are confident we can guarantee a solid future for our team and for Formula One.”