Williams F1 hit by RBS cutbacks

From BBC Sport

BBC Sport has learned the Royal Bank of Scotland is to end its sponsorship of the Formula One team Williams as a direct result of the economic downturn.

The partnership, which began in 2005, will conclude when the current contract finishes at the end of the 2010 season.

The move is part of RBS proposals to cut its funding of British sport by a massive 50% by 2010.

The bank also says it plans to review its sponsorship deals with individuals such as tennis star Andy Murray.

"We recognise that we are now operating in a very different economic environment and have been reviewing all of our activities since October," said Dr Andrew McLaughlin, RBS Group Director.

"It is imperative that we respond to the reality of the situation we face and that we do so in an orderly way that respects the commercial agreements we have in place and the implications for our partners and the jobs they support."

The news is a blow to Williams, one of the few independent teams in F1, but team principal Sir Frank Williams says they would battle on.

"RBS has been a great partner for this team and we are grateful for the way that they have handled this difficult situation," he said.

"We are in a strong position to ride out the inevitable challenges of the next two years."

Only to be expected to be honest. Still at least they have two season's of RBS sponsorship in to which to look for a new backers.

yes, at least they are fulfilling their contract - although that is probably because it cost more to end the contract early

and they have given themselves a lot of time, who knows how the global economy will be at the end of 2010

---

X (@ed24f1)

Its rumoured to last anywhere between 2 - 15 years. I really hope that thats not the case.

I prefer "predicted" thank you very much

On the glass half full side it's only about 10% of the budget anyway and the budgets will decrease more in absolute terms in the next 2 years.

---

Well I prefer rumour so :P

And I hope to see Bernie possible strike a deal for sponsors to back F1 in it's entirety if this crisis doesn't resolve itself. Have all the sponsors sponsor every team for a fixed price or something. I know it would be difficult to find out how to give funding and everything for the teams and that the actual reality of this is impossible but it would be a nice thought if it meant the safety of the sport if it came down to it.

living off the Formula 1 revenue is a better idea

---

I know, but the reality is much harsher than the dream, and the sad thing is, I can see it working so well. Even if all the teams have the same sponsors, that would not matter much to me as long as the racing was there and the teams still looked like they do now. I wouldn't mind seeing Philips or Panasonic on 22 cars, would you?

Do the teams pay for tyres? If so, maybe they should all scatter a few bridgestone logos around all the cars, giving them some more publicity and sponsorship, and instead of bridgestone paying the teams sponsorship money just give them free tyres instead

---

Circuit Thermalito

Liverpool Waterfront Circuit (WIP)

brawn GP has bridgestone and virgin on the cars, thats it. i think most cars have bridgestone somewhere on them, usually on the nosecone