Renault plans return to F1

F1's most successful engine manufacturer of the 1990s, has been given permission by its sports department to develop a new engine that could see its return as early as 2001.

It is believed Renault will receive a sizeable budget to fund its F1 project in the hope that it will dominate Formula One in the new century like its V10 did in the '90s.

Insiders claim Renault will provide funds for development equivalent to what would be required if it was already racing.

Reports claim that Renault may badge the new engine as Nissan.

Renault, who left F1 at the end of 1997, bought a 35 per cent stake of the troubled Japanese company last year.

However, it is also rumoured that Renault might want its own team and has been linked with a move to buy-out Arrows.

Benetton and Prost have already expressed an interest in linking up with the marque to launch a fresh assault on the sport.

The company has not set an official date for its test debut or race return.