Renault may leave F1 if funds are not increased

Renault may leave F1 if funds are not increased
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First Published: Thu, Mar 05 2009. 12 15 AM IST
Updated: Thu, Mar 05 2009. 12 15 AM IST
Geneva: Renault SA may leave Formula One (F1) motor racing if it doesn’t get a bigger share of the sport’s commercial revenue. Renault chief operating officer Patrick Pelata said that to stay in the sport, the car maker must reduce its overall F1 bill beyond cost cuts agreed upon among teams in December.
“We’re seeking to bring down contract costs and receive more of the revenues from broadcast rights, circuit fees and trackside sponsorship,” Pelata said in an interview at the Geneva Motor Show. “We want to remain part of the emotion and the spectacle of F1, but there are really no taboos if talks fail.”
The Formula One Teams’ Association, a new group, will press its demand for a bigger slice of revenue on Thursday in Geneva, association spokesman Simone Perillo said by telephone.
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First Published: Thu, Mar 05 2009. 12 15 AM IST