Amsterdam -  will have to look around for a new sponsor for next season after Dutch insurance conglomerate ING announced on Monday that they would not be renewing their three-year sponsorship with Renault.

Earlier Credit Suisse had announced that they would not be sponsoring BMW-Sauber this year.

ING said they would cut back their sponsorship investment by 40 per cent this year already, without saying whether they would cut back the money given to Renault during the season.

The company also sponsors the Grand Prix races in Australia, Belgium, Hungary and Turkey.

"INGs participation in Formula 1 was the companys first global sponsorship project aimed at delivering revenue and raising the global brand awareness, particularly in INGs key growth markets," the company said.

"Over the past two years, ING has successfully achieved its objectives for the F1 sponsorship, raising its overall global brand awareness by 16 per cent."

ING has said that the economic crisis has led to the company needing to cut 7,000 jobs and making savings of one billion euros (1.28 billion dollars).

The magazine Formula Money has calculated that the company has paid 50.7 million euros of their total yearly Formula One sponsorship of 67.1 euros to Renault.

"F1 remains a powerful business driver even in a difficult economic climate. Whilst ING has cut the F1 sponsorship costs by 40 per cent in the final year, revenue generating opportunities will be a continuing focus through 2009.

"ING has enjoyed the relationship with Renault F1 and will continue to work closely with the team during the final year of the partnership," the company said.

Although Formula One supremo Bernie Ecclestone has previously said that he is not concerned about the sport's future dark clouds continue gathering.

Honda has already said they will not be able to enter a team this season and a buyer has not been found for the team six weeks before the start of the season.

Other teams have also lost sponsors.

Although there are talks that a new team is being formed in the US, it is seemingly becoming more and more difficult for teams to find sponsors who are willing to invest huge amounts into a sport that is - despite unique attempts to save costs - still very expensive. (dpa)