Renault will announce a decision on its Formula One future by the end of this year, according to its CEO Carlos Ghosn.
When questioned by reporters in Paris, Ghosn did little to clarify the firm’s future in the sport and refused to commit the French squad to F1 for any length of time.
“You will have to be patient,” said Ghosn, when asked what the outcome of yesterday’s emergency board meeting was. “We will make an announcement on our participation in Formula One before the end of the year.”
Renault’s board meeting was held in response to Toyota’s withdrawal from the sport, which was also announced yesterday. The Japanese firm pulled out to cut its costs on focus on the development of its road cars.
Earlier this year, Renault signed the revised Concorde Agreement, which has committed the firm to the sport until the end of 2012.
Earlier today, the managing director of its F1 team Jean-Francois Caubet told a Frencg newspaper that the firm remained fully committed to the sport and would definitely be lining up on the grid next year.
It has signed Robert Kubica as its lead driver for next season, while watchmaker TW Steel has been brought in to replace ING, which ended its relationship with the team after the high profile ‘crashgate’ scandal earlier this year.