SCANDAL-hit Formula One team Renault, which employs more than 500 workers in Oxfordshire, lost two of its key sponsors today.

The team, based at Enstone, was handed a suspended disqualification from F1 over the plot involving team principal Flavio Briatore, executive director of engineering Pat Symonds and driver Nelson Piquet Jnr to cause a crash in last year’s Singapore Grand Prix.

All three have since left the team, but the changes have arrived too late to save two of the team’s key sponsorships.

The Dutch bank ING, Renault’s principal sponsor, confirmed earlier this year that it would not be extending its £30m-a-year backing beyond the 2009 season.

However, in the wake of the World Motor Sport Council's verdict on the case on Monday, the financial group announced it had opted to terminate the contract “with immediate effect”.

Renault would not answer any questions about the potential impact on jobs.

A statement from the group said: “ING is deeply disappointed at this turn of events, especially in the context of an otherwise successful sponsorship.”

Spanish insurance firm Mutua Madrilena also announced it would end its backing due to the “substantial breach” of F1 rules by Renault.

A company statement said: “The behaviour of the relevant people in the team was extraordinarily serious and compromised not only the integrity of the sport, but also the lives of spectators, drivers and circuit personnel.

“This is something that can affect the image, reputation and good name of the team's sponsors.”

Mutua Madrilena added, though, that it would continue to back Renault driver Fernando Alonso, fuelling rumours that the Spanish ace could be about to switch to Ferrari.

Before the scandal, there were already fears that Renault could pull out of F1, but it emerged this week the car group had reaffirmed its commitment to the sport in documents presented to the council.

Renault will compete in the Singapore Grand Prix this weekend.

Team spokesman Will Hings said: “The ING logos have been removed from the cars currently in free practice in Singapore and replaced with the Renault logo.

“I don't think there is any other information I can give you, and the team has not put out a statement