• Renault news

F1 costs 'more than expected' - Lopez

ESPNF1 Staff
September 6, 2010 « Ecclestone confident Korea will be ready | »
Renault's progress through the field in 2010 has not been cheap © Getty Images
Enlarge
Related Links

Gerard Lopez, Renault's majority shareholder, has admitted that running the F1 team has been more expensive than expected.

Lopez's Luxembourg-based investment company Genii Capital bought a large stake in the team after the French carmaker considered leaving the sport in the wake of the financial crisis and the crashgate scandal.

But while the team has performed better than expected with its new structure in 2010, it emerged recently that Renault F1 had applied to Bernie Ecclestone for an advance of its commercial revenue due to cash flow issues.

"From a commercial point of view, things are going well," Lopez is quoted in Autosprint. "We are in line with our plans. But it costs more than we expected. Formula One costs much more than we thought.

Renault has brought continuous updates to its car this season and Lopez admitted that process had been expensive.

"We knew that our car was not born with as much speed as we wanted, and we had to inject resources to make it competitive. And then there's the development aspect, which is higher than expected, meaning additional costs. But regarding 2011, we are still looking forward with much enthusiasm."

© ESPN Sports Media Ltd.
ESPN Staff Close

ABOUT COOKIES

To help make this website better, to improve and personalize your experience and for advertising purposes, are you happy to accept cookies and other technologies.

More Info Here Cookie Choices