From GMM
One of Williams major sponsors has revealed it is leaving the British team at the end of the season.
The Royal Bank of Scotland (RBS) is also leaving Grove based Williams after next Sunday's Abu Dhabi grand prix, and it is rumoured that AirAsia and McGregor are set to follow suit.
A Dutch media report said Philips, the Dutch electronics multinational, has decided not to renew its contract beyond 2010.
Presently, Philips - a team sponsor for five years - has significant branding on the rear wing of the FW32, so the news is a big blow to the independent team.
“We have been pleased with our partnership with Williams," said Patrick Overwijk, Philips' global sponsorship manager.
"Philips has decided to withdraw from formula one in order to pursue a different kind of sponsorship," he explained.
Meanwhile, on Saturday morning, HRT confirmed reports it has agreed a deal with former Telefonica president Juan Villalonga.
The deal is partnering with Hispania's owner Jose Ramon Carabante. He said the money involved "is a sum that multiplies and enhances our ability to grow as a team".
"The immediate aim is to be able to have a much more competitive team," the statement read.
One of Williams major sponsors has revealed it is leaving the British team at the end of the season.
The Royal Bank of Scotland (RBS) is also leaving Grove based Williams after next Sunday's Abu Dhabi grand prix, and it is rumoured that AirAsia and McGregor are set to follow suit.
A Dutch media report said Philips, the Dutch electronics multinational, has decided not to renew its contract beyond 2010.
Presently, Philips - a team sponsor for five years - has significant branding on the rear wing of the FW32, so the news is a big blow to the independent team.
“We have been pleased with our partnership with Williams," said Patrick Overwijk, Philips' global sponsorship manager.
"Philips has decided to withdraw from formula one in order to pursue a different kind of sponsorship," he explained.
Meanwhile, on Saturday morning, HRT confirmed reports it has agreed a deal with former Telefonica president Juan Villalonga.
The deal is partnering with Hispania's owner Jose Ramon Carabante. He said the money involved "is a sum that multiplies and enhances our ability to grow as a team".
"The immediate aim is to be able to have a much more competitive team," the statement read.