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Renault cheered by new partner

india Updated: Oct 28, 2009 20:17 IST

Reuters
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Former champions Renault have secured their first new sponsor since they were handed a suspended permanent ban last month for their involvement in a race-fixing scandal.

Dutch watch brand TW Steel said in a statement they had agreed a three year deal to be Renault's official timing partner. No financial details were given.

As part of the deal, the Renault cars will also carry the sponsor's branding at this weekend's season-ending Abu Dhabi Grand Prix.

"The partnership brings great value for both the Renault F1 team and TW Steel and confirms the team's positive outlook for the years ahead," said Renault F1 managing director Jean-Francois Caubet.

Renault lost title sponsor ING and Spanish insurer Mutua Madrilena after they were punished for Brazilian Nelson Piquet's deliberate crash at the 2008 Singapore Grand Prix.

Dutch-based financial group ING had already announced they were pulling out at the end of the season but decided to terminate the agreement four races early once the governing FIA had punished Renault.

TW Steel were formerly official timing partners of the troubled A1 Grand Prix series.