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LONDON, Feb 26, 2009 (AFP) - Williams are confident they can find a new sponsor to replace the financially-stricken Royal Bank of Scotland, which has ended its backing for the Formula One team and could soon pull the plug on lucrative deals with Sachin Tendulkar and Andy Murray.
RBS, which unveiled the biggest loss in British corporate history on Thursday, will not be renewing its ten-million-pound-a-year sponsorship of Williams when its current contract with the team expires next year.
Williams driver Nico Rosberg admitted that RBS's announcement had taken everyone at the team by surprise but he believes there will be other companies, in better financial shape, willing to step in and provide backing for one of Formula One's most successful teams.
"The contract was ending in 2010 and wasn't going to be renewed so what's the problem?" Rosberg said. "We have loads of time to look for new sponsors. It's a normal thing in F1, sponsors come and go.
"There will be a new sponsor's name on the car. It's unfortunate but it's not a huge concern. The team is very financially healthy at the moment and was before the rule changes came in."
RBS, which announced a loss of 24 billion pounds (34 billion dollars) on Thursday and is now 70 percent owned by the British taxpayer as a result of a series of bailouts, is reviewing all its sports sponsorship arrangements.
The bank did recently extend its title-sponsor arrangement with Six Nations rugby at a cost of 20 million pounds but Murray and Tendulkar may have to accept reduced backing or face losing their sponsorship altogether.
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