RBS withdraws from F1 after the 2010 season

The Royal Bank of Scotland announced that it would withdraw from Formula 1, but only when its contract with Williams ends at the end of the 2010 season.

The financing company, which suffered enormous losses due to the credit crisis, had already decided to end its participation in the Grand Prix. This is part of a broader framework of its sponsorship in sports.

The company has been supporting Williams since 2005 and signed a second three-year contract in 2007. The agreement will therefore end at the end of 2010.

Frank Williams stated: « RBS has been a great partner and we are pleased, conversely, to have contributed to the development of the RBS brand worldwide. I would like to thank RBS and our many partners. We are in a strong position to face the inevitable challenges of the next two years. »

« RBS demonstrates great responsibility regarding the role we play in the British economy, supporting more than 500 highly skilled jobs. Over the past three years, Williams has channeled more than £100 million in contracts (approximately €110 million) through RBS in the UK with 2700 suppliers, and it is, of course, important that this relationship continues with RBS. »

Andrew McLaughlin, RBS group communications director, added: “We recognize that we are now in a very different economic environment. We have been reviewing all our activities since October. It is imperative that we respond to the reality of the situation we are facing.”

« Throughout our relationship, Williams has shown great understanding and has been innovative in conducting her programs. She has been supportive in finding ways to reduce costs on the remainder of our contract. »

The announcement by RBS comes just days after the Dutch financial company ING announced that it too was withdrawing from F1.