The impact of the current global economic crisis is slowly becoming apparent. Late last year to early this year, the financial dive has caused businesses to close and people to lose jobs. In such a situation where everybody is trying to cut costs everywhere, and is spending only when absolutely necessary, is it really any wonder, then, that motorsports organizations are some of the most affected sectors of the community?
Aside from the costly upkeep and maintenance of the vehicles, and the expenses that the racing event itself costs, pro and amateur racers alike may also find it difficult to participate in a race at all, since sponsorships are hard to come by.

Formula 1's Grand Prix De France begins

In fact, millions of dollars are removed from the Dutch bank ING’s Formula One program this season. The bank is in the final season of their three-year sponsorship of the Renault team. But though there have been enormous cuts in the company’s budget, Renault and the 4 races of the season will not be affected. However, the company will review that deal later this year: “We are now in the third year so we plan to evaluate and make a decision on the future this year, taking into account current market circumstances,” Nanne Bos, the company’s spokesman, said. The bank will also cut operating expenses by $1.32 billion this year (partly by cutting 7,000 employees loose) as part of the bank’s cost-cutting efforts.

ING Bank Dutch Headquarters

ING is not alone in taking massive measures for cost-cutting. Credit Suisse Group, the Swiss bank, is also withdrawing its sponsorship of the BMW Sauber team. Honda, meanwhile, said that the company needs to “focus on its core business of making and selling cars rather than spending $291 million a year to race them on grand prix tracks,” and has already quit F1.

At this point, both pro and amateur racing organizations are unsure whether or not their rather costly sport can weather the storm.