In the wake of 'Crashgate', the Spanish insurance group Mutua Madrilena has withdrawn its sponsorship of the Renault F1 Team.

However, while the company is ending its partnership with the Renault F1 Team it will continue a personal arrangement with Fernando Alonso who is thought to be heading to Ferrari.

A brief statement issued by the insurance company today read: "Mutua Madrilena believes the conduct of the relevant people in the team was of extraordinary seriousness and not only compromised the integrity of the sport but also put the physical safety of spectators, drivers and circuit personnel at risk. This could affect the image, reputation and good name of the team's sponsors."

The Spanish company then instructed the Renault F1 Team to remove its decals with immediate effect.

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Mutua Madrilena quits Renault

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