Renault's F1 Future is Safe, Insists Briatore
Flavio Briatore is confident that Renault have a 'solid future' in formula one despite the announcement that ING will not sponsor the team beyond this season
Flavio Briatore, the Renault formula one team principal, said yesterday that he is confident his team have a "solid future" in the sport despite the announcement that their title sponsor, the Dutch bank ING, will not sign a new deal after the current one expires at the end of 2009.
Renault's formula one future has been called into question many times over recent months, given the parlous state of the global motor industry, and there has been much speculation that the French company might follow Honda's example and withdraw from the world championship in the near future. However Briatore, one of the leading advocates of cost cutting in formula one for several years, still believes the sport has a strong future.
ING are honoring the three-year $70m (?50m) deal they signed to sponsor the team from the 2007 season, but, like Credit Suisse, which withdrew its sponsorship of BMW Sauber at the end of last season, are not going to renew.
"We have been aware for quite some time that the world's current financial climate was calling for a restructuring of our sport and with Fota [Formula One Teams' Association] we have moved in that direction," Briatore said. "Drastic cost reductions have been on Fota's agenda as one of the first priorities and we are confident we can guarantee a solid future for our team and for formula one."
Honda's formula one team, which is up for sale, refused to comment yesterday on speculation that the Brazilian energy company Petrobras has decided not to sponsor Bruno Senna as Jenson Button's team-mate should the team continue to compete in this year's championship.
Renault's formula one future has been called into question many times over recent months, given the parlous state of the global motor industry, and there has been much speculation that the French company might follow Honda's example and withdraw from the world championship in the near future. However Briatore, one of the leading advocates of cost cutting in formula one for several years, still believes the sport has a strong future.
ING are honoring the three-year $70m (?50m) deal they signed to sponsor the team from the 2007 season, but, like Credit Suisse, which withdrew its sponsorship of BMW Sauber at the end of last season, are not going to renew.
"We have been aware for quite some time that the world's current financial climate was calling for a restructuring of our sport and with Fota [Formula One Teams' Association] we have moved in that direction," Briatore said. "Drastic cost reductions have been on Fota's agenda as one of the first priorities and we are confident we can guarantee a solid future for our team and for formula one."
Honda's formula one team, which is up for sale, refused to comment yesterday on speculation that the Brazilian energy company Petrobras has decided not to sponsor Bruno Senna as Jenson Button's team-mate should the team continue to compete in this year's championship.
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