Formula 1

Renault Confirms Continued Participation in Formula 1 Despite Company-wide Job Cuts

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Credit: Octane Photographic Ltd

Clotilde Delbos has publicly stated that the Renault DP World F1 Team remains committed to Formula 1, ending speculation that they will withdraw from the sport at the end of the current Concorde Agreement at the end of this year.

Renault Group announced around 15,000 jobs would be cut from its company in a bid to save the French car manufacturer around €2 billion, and there were concerns that the Formula 1 team would be sacrificed in order to save the team some money.

However, the recent announcements about the budget cap, with a reduced budget of $145 million for the 2021 season followed by reducing amounts in subsequent years, have been well received at Renault, with Delbos, the French team’s financial boss and current interim chief executive saying that these regulation changes were crucial.

“We have said publicly, and we confirm that we remain committed to Formula 1,” Delbos is quoted as saying in telephone call with analysts recently by Motorsport.com

“The announcement of new regulations on spending limits is very good for us because we will have to invest less in this discipline than some of our competitors who spend a lot of money.”

“I think clearly she’s put a stop to the speculation” – Abiteboul

Cyril Abiteboul, the Team Principal of Renault, has welcomed the news and says it was clear that something needed to be said to end the speculation about the team’s future.

“There’s been lots of speculation regarding Renault’s commitment in F1,” said Abiteboul to Motorsport.com.  “I think clearly she’s put a stop to the speculation, and that was necessary.

“Obviously there was an announcement of major plans, a review of the way the company was operating, the priorities of the company, and therefore I guess there was some speculation that F1 could be seen as an opportunity to save costs.

“But actually she has made it clear that it’s not just a cost, but also an investment, and the costs associated with that investment were becoming better and better, and not just because of the last regulations.

“Frankly it’s an ongoing process, it’s not just the process and the announcements of last week. The process started basically when we came back in 2016.  It was our expectation then that at some point there would be some financial regulations containing the arms race, and also on the engine side and so on and so forth.

“We’ve been driving and lobbying for that since that point, and clearly with the recent announcements there was no reason not to make it clear that Renault is fully committed.”

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