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, according to Associated Press.
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"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."
The company said "the conduct of relevant people within the team had been of extraordinary graveness and had compromised not only the integrity of the sport but also endangered spectators, drivers and racetrack personnel."
The company said its sponsorship of two-time world champion Alonso was not affected by its decision.
Earlier Thursday the Dutch insurance conglomerate ING also announced it was immediately ending its sponsorship of Renault because of Monday's verdict.
"ING is deeply disappointed at this turn of events, especially in the context of an otherwise successful sponsorship," the statement said.
ING had in February announced it would not renew its three-year, reportedly $100 million sponsorship of Renault in F1 after this season because of the global financial crisis.
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