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Stewart to hold RBS to 4m deal

NEWS STORY
24/02/2009

Three-time World Champion Sir Jackie Stewart insists that he has no intention of giving up his 4 million contract with the Royal Bank of Scotland, despite the fact that the bank is in serious financial difficulty and consequently being bailed-out by British taxpayers.

At a time when the bank is being forced to shed thousands of jobs, the Scotsman said: "I am sorry these people are losing their jobs but I signed a contract and have done my bit.

"I have two years more to run," he added, according to the Evening Standard. "I work all over the world for them. I am out there, creating business."

Stewart's stance is in stark contrast to tennis star Andy Murray, who also has a long-term contract with the bank but is willing to renegotiate.

"RBS has supported me since I was 13," said the youngster, "and I have a great relationship with them. Now I want to help them."

Stewart's deal was given the green light by disgraced former RBS boss Sir Fred 'the shred' Goodwin, a fellow Scot, who has admitted that the F1 champion was always one of his heroes.

Stewart, one of the first superstars of F1, sold his own team to Ford, who re-branded it as Jaguar. The team subsequently ran into financial trouble and was sold to Red Bull as Ford called an end to its relationship with the sport.

At the time, there was concern that Stewart, who was still an ambassador for Ford - but no longer! - was looking for a team to which he could take the RBS deal, eventually putting the bank in touch with Williams.

Clearly, at a time of lay-offs and strict scrutiny over bonuses, feelings at the bank are running high. An RBS source told the Evening Standard: "We're in a very different financial world from before. Some people get that, others clearly don't."

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