As has been reported elsewhere, Telefonica signage is missing from the Renault R27s currently testing Spain, and will be absent this season.

However, rather than opting for the sensational headline and hinting at the possibility of short falls in the Renault budget, it is worth looking at the matter logically.

Telefonica's sponsorship of Renault, particularly in the past two seasons, when the French team, and Fernando Alonso, won both titles back-to-back, has been wonderful PR for the communications company in its native Spain.

However, with Alonso now at McLaren, which is sponsored by telecomms rival Vodafone, Telefonica would clearly not want to be seen running against the Spanish hero, such a move being seen as an 'own goal'.

At the beginning of 2006, sections of the media were all doom and gloom regarding the future of the French team, overlooking the (seemingly) minor fact that it had just won both titles. With another two titles in the cabinet, Renault is going to look a far more exciting prospect for sponsors than teams which fail to win races, far less titles.

Then again, for some, 'Renault loses sponsor' makes a better headline.