EDINBURGH, Scotland, Feb. 26 (UPI) -- The Royal Bank of Scotland has ended its one-year partnership with the Williams Formula One motor racing team, the Scotsman reported.
RBS announced it will end its near $29 billion deal (20 billion pounds) with Williams when its contract expires at the end of the 2010 F1 season due to the huge monetary losses suffered by the banking group in other business ventures.
It will begin to reduce its sponsorship costs by 25 percent this year.
The RBS-Williams partnership began in 2005 and was renewed for a second three-year term in 2007.
"It is imperative that we respond to the reality of the situation in an orderly way that respects the commercial agreements we have in place and the implications for our partners and the jobs they support," Andrew McLaughlin, an RBS group director, told the newspaper.
"RBS has been a great partner for this team and we are pleased to have made our contribution over the past four years," principal Williams owner Sir Frank Williams said.
