Renault threatens to leave Formula 1

Renault team has threatened to leave Formula 1 if its share of the FOM’s commercial revenues is not increased.

The French brand plans to express its views at the FOTA (Formula One Teams Association) meeting in Switzerland.

According to Patrick Pelata, Deputy General Manager, Renault wants to receive a larger share of the commercial revenue shared between the teams.

« The company must also reduce its overhead costs, much more than the cost reduction agreements planned with the other teams, » the chief operating officer explained to the news agency Bloomberg.

« We are in the midst of cost reduction for contracts, and obtaining a larger share of revenue would be beneficial, such as through commercial sponsorship, television rights, and reduced circuit fees. »

The French manufacturer presented its intentions to the members of the FOTA. The current agreements consist of the teams sharing the revenues among themselves and with the FOM – Formula One Management – through its founder, Bernie Ecclestone. The latter responded to Patrick Pelata’s remarks: « I am surprised that Renault wants to withdraw from Formula 1 this way. We have an agreement among the teams until 2013, and we will stick to it. »

After Honda’s withdrawal at the beginning of December, Pelata admitted that Renault is contractually obliged to participate in the 2009 season. He did not comment on a possible departure date from Formula 1 in the event that no agreement is reached.