Renault begins talks with Bernie Ecclestone over Formula 1 future

The French manufacturer is considering whether to leave the sport, remain as an engine supplier or create its own works outfit again when its supply deal with Red Bull and Toro Rosso finishes at the end of 2016.

Renault chairman and CEO Carlos Ghosn, Renault Sport F1 president CEO Jerome Stoll and Abiteboul met with Ecclestone in Monaco to talk about its position in F1.

"I think the meeting was of use," Abiteboul told AUTOSPORT.

"It is no secret we have a binding contract until the end of 2016 so firstly it was to reassure everyone that we will honour that contract. There is no doubt.

"At some point, we have to make up our mind if we go further than that. So that's the first step, these discussions. We'll see.

"Monaco is the usual catch up between Renault senior management and Formula 1 stakeholders, in particular Bernie.

"It was a good meeting to catch up and to try and clarify Renault's position when a lot of things are said on behalf of Renault by non-Renault representatives.

"We wanted to first have that discussion with Bernie and discuss possible options and that's absolutely it for now."

Part of the reason behind Renault reassessing its position is that it wants to ensure it is maximising its brand exposure.

"We're looking at the return on our investment, at the value we get," said Abiteboul.

"We want more value for what we are doing in the sport.

"We want to see if there is another option for us to get more return for what we're doing inside of F1."