LONDON: Formula One's cost-cutting measures should secure Renault's future in the sport despite the departure of title sponsor ING, team boss Flavio Briatore said on Monday.

Dutch-based banking and insurance company ING, whose backing has provided a significant slice of the former world champions' budget, announced earlier that they were pulling out of the sport at the end of the season.

"In light of the recently announced cost reduction program, ING confirmed today not to renew the three-year sponsorship (2007-2009) contract with Renault F1 and to end its presence in F1 beyond the 2009 season," ING said in a statement.