Renault Threatens to Quit F1

Renault have issued their first threat to Bernie Ecclestone and the world of Formula 1, revealing that they are considering quitting the sport due to the current level of revenues for F1 teams. Present at the 2009 Geneva Motor Show this week, Renault’s chief operating officer Patrick Pelata argued that Renault will not stick around much more in F1 if Ecclestone doesn't change its revenue politics in the near future.

Not only that, but Renault are allegedly quite unhappy with the cost-cutting measures implemented by the Formula One Team Association (and approved by the FIA) for the upcoming seasons. The French manufacturer urged the FIA to further develop new ways of reducing production costs in the sport, otherwise they'll have no other solution but to withdraw from F1.

“We are seeking to bring down contract costs and receive more of the revenues. We want to remain part of the emotion and the spectacle of Formula One but there are really no taboos if talks fail,” said Pelata during a short press conference at Geneva.

According to the GMM news agency, a spokesman from the FOTA has already confirmed that further guidelines of the higher-revenues-for-F1-teams discussion are to be officially unveiled at Geneva, during a press conference schedule later on.

Ecclestone's reaction on hearing the news was quite calm, as he immediately invoked the commercial agreement signed by the teams with the Formula One Management (controlled by the 78-year old Englishman) that is to expire at the end of 2013.

“I'm surprised he would come out and say something like that. We've got an agreement with the teams until 2013 and we'll stick with that,” said the F1 supreme.