Briatore says Renault have 'solid future'
|By Jonathan Noble||Monday, February 16th 2009, 12:30 GMT|
Renault chief Flavio Briatore is confident his team have a 'solid future' in Formula One despite the impact of losing title sponsor ING at the end of this year.
With Renault having already been surrounded by widespread speculation about their future in the sport because of the increasingly gloomy financial outlook for car makers, the team's situation has not been helped by ING's decision to end its involvement in F1.
However, Briatore remains upbeat that, with F1 embracing a number of cost-cutting measures, he can look to the future with confidence.
"During the past three years, the team and ING have enjoyed a rewarding and successful relationship," Briatore said in a statement on his team's official website.
"ING has been an enthusiastic and supportive partner for the Renault F1 team in all respects. They have been a true success story and have become a brand that is recognised worldwide thanks to an innovative and proactive sponsorship programme with our team and Formula One.
"However, 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 we have moved in that direction.
"Drastic cost reductions have been on FOTA's agenda as one of the first priorities and with the ongoing programme of measures we are confident we can guarantee a solid future for our team and for Formula One."