Renault has joined Ferrari in threatening to pull out of F1 at the end of the season unless changes are made to the 2010 budget cap regulations. Renault's announcement on their stance towards the controversial £40m cap comes just a day after Ferrari's Board of Directors decided to pull the Scuderia out of the sport at the end of the season unless changes are made, putting major pressure on the FIA to find a solution to a problem that could tear the sport apart.

“There is frustration that FOTA's constructive proposals, including major cost saving measures to be adopted progressively between 2009 and 2012, which were carefully constructed by FOTA members, have been completely ignored without any form of consultation by the FIA with the teams,” read a Renault statement released this afternoon. “It should be stressed that FOTA has set the same, if not lower, financial objective as the FIA, but Renault strongly believes that this must be introduced through a different procedure agreed by all parties.”

Like Ferrari, Renault is pushing the FIA towards giving the Formula One Teams' Association (FOTA) more power in deciding the future of Formula One, and particularly in deciding new regulation changes and possible budget caps. If the budget cap is introduced as planned for 2010, teams with unlimited expenditure would find themselves up to five seconds behind their capped counterparts thanks to the technical freedom being offered to them.

“Renault also believes that it is paramount that the governance of the sport is coordinated with a spirit of consultation with all parties (FIA, FOM, FOTA) in order to achieve a better balance between the costs and the revenues,” continued the Renault statement. “Renault is also of the firm view that all entrants in the World Championship must adhere to and operate under the same regulations.”

Bernard Rey, Renault F1 (President):
“Renault has always considered Formula One as the pinnacle of motor sport and the perfect stage to demonstrate technical excellence. We remain committed to the sport, however we cannot be involved in a championship operating with different sets of rules, and if such rules are put into effect, we will be forced to pull out from next season.”

Flavio Briatore, Renault F1 (Managing Director & Team Principal):
“Our aim is to reduce costs while maintaining the high standards that make Formula One one of the most prestigious brands on the market. We want to achieve this in a coordinated manner with the regulatory and commercial bodies, and we refuse to accept unilateral governance handed out by the FIA. If the decisions announced by the World Council on the 29th of April 2009 are not revised, we have no choice but to withdraw from the FIA Formula One World Championship at the end of 2009.”