Published Fri, Sep 25, 2009 05:59 AM
Modified Thu, Sep 24, 2009 11:41 PM

Formula One scandal costly

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The Associated Press

Renault lost sponsorship deals with insurance companies Mutua Madrilena and ING on Thursday in the wake of the Formula One team's race-fixing scandal.

"Mutua Madrilena has communicated to Renault F1 Team Limited the early termination of its sponsorship contract with the team," the Spanish company said in a statement.

The company said its move was based on Monday's decision by F1 ruling body FIA that Renault deliberately had one of its cars crash during last year's Singapore Grand Prix.

The FIA handed a lifetime ban to team principal Flavio Briatore and a five-year suspension to chief engineer Pat Symonds for their roles in ordering Nelson Piquet Jr. to crash to help teammate Fernando Alonso win the race.

Mutua Madrilena said its contract stipulated that Renault "must abide by all the rules and regulations of the FIA."

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