The RBS axe finally swung on sport last night as the bank moved to slash its sponsorship spending by more than £100million. The Williams Formula One team will take the biggest hit, losing £10million a year when the RBS logos are removed from their cars.
However, the pain will spread throughout sport, with cricket sponsored by NatWest, an RBS subsidiary, golf's Open Championship and international sports stars, such as Andy Murray and Zara Phillips, who enjoyed personal contracts worth millions of pounds, among those to suffer. Even the infamous prawn sandwich brigade - the thousands of corporate clients who have benefited from the largesse of the bank's lavish spending - are in jeopardy.
TimesonLine
