Renault managing director Cyril Abiteboul believes the cash boost from his team’s new title sponsor helps secure their future in F1.
Ahead of the Australian Grand Prix it was announced that Renault had signed a new multi-year deal with Dubai logistics company DP World, prompting some tweaks to its 2020 black-and-yellow livery.
But the current Concorde Agreement which all teams must sign up to expires after this year, and Renault are not yet committed to signing up to the new one.
This deal does though give the team a financial boost, and that along with the lower operating costs and fairer prize money distribution promised from 2021, gives Abiteboul confidence that Renault will remain in Formula 1 for 2021 and beyond.
Speaking to Motorsport.com, he said: “I think it helps and it’s certainly a step in the right direction. It is something we said over the winter, and everything is pointing towards a good direction.
“Now, you know, until things are done, things are not done. There is still discussion and sorry, we’re going back to Formula 1 politics, but discussions are going on on Concorde, and until Concorde is signed, it is not signed.
“But better money distribution, and good financial regulations [are welcome]. We still have a number of controversies to address, but there is also the economic environment, which is a challenging one, and everything like that is going in the right direction.
“I can’t confirm here now, simply based on the partnerships, that we are long term committed. But it’s definitely helping a lot.”