LONDON — Royal Bank of Scotland will end its sponsorship of the Williams Formula One team next year and cut half its sports funding because of the global economic crisis.

The three-year deal was worth about $14.2 million and will not be renewed when it expires at the end of the 2010 season. RBS has sponsored Williams since 2005. The team's title sponsor since 2006 has been telecommunications giant AT&T.

"We are in a strong position to ride out the inevitable challenges of the next two years," team chief Frank Williams said.

RBS has been partly nationalized by the British government. It is Britain's second-largest bank and it has been forced to accept two bailout packages from the government. The bank is undergoing a major restructuring in which it will shed 20,000 jobs.

The bank will review all sponsorships, including individual deals with sports stars, like British tennis star Andy Murray. RBS also has slashed hospitality costs in sports by about 90 percent this year and canceled trackside advertising at F1 races for 2010.

"We recognize that we are now operating in a very different economic environment and have been reviewing all of our activities since October," RBS group director Andrew McLaughlin said.

The announcement came the day before RBS is expected to announce losses for 2008 of $40 billion, which would be the biggest in British corporate history.