04/03/2009
NEWS STORY
Renault's Chief Operating Officer Patrick Pelata has warned that his company could quit F1 unless there is a significant reduction in costs and an equally significant increase in the amount given to the teams by the sports owners.
"We' are seeking to bring down contract costs and receive more of the revenues" said Pelata said in an interview with Sport Business International at the Geneva Motor Show.
"We want to remain part of the emotion and the spectacle of Formula One," he added, "but there are really no taboos if talks fail."
The warning comes ahead of tomorrow's FOTA press conference at which the teams and manufacturers that comprise the Formula One Teams' Association will outline their vision for the sport's future, which no doubt includes a bigger slice of the 'F1 cake'.
Our sources tell us that there has been frenzied activity behind the scenes at FOTA, with the various team Press Officers and PR bods all seriously involved.
Indeed, we hear that the various Press Officers and senior PR people attended a meeting on Monday, though at least three teams cried off.
We also hear that McLaren's Matt Bishop is enjoying a prominent role.