Renault’s new title partnership deal with DP World improves the outlook for the team’s future in Formula 1, according to managing director Cyril Abiteboul.
Unveiling Renault’s 2020 race livery — one that is very similar to last year’s design — in Melbourne on Wednesday, the French constructor also announced a new deal with DP World. The “global supply chain solutions for cargo owners” company’s involvement means the official team name has changed to Renault Sport DP World F1 Team.
With Renault facing an uncertain future in the sport given the team’s cost and recent lack of performance — as it slipped from fourth to fifth in the constructors’ championship last year and was beaten by customer team McLaren — Abiteboul admits the new contract comes with a number of upsides.
“I think it helps, and it’s certainly a step in the right direction,” Abiteboul said about whether Renault’s chances of signing the Concorde Agreement has improved.. “Something we said over the winter — everything was pointing in a good direction. Now, until things are done or not done there is still a discussion going on on Concorde, so until Concorde is signed it is not signed.
“But better money distribution, good financial regulations — we still have a number of controversies to address but there is also the economic environment that is a challenging one. Everything like that is going in the right direction but I can’t confirm right here and now, simply based on a partnership, that we are long-term committed. But it’s definitely helping a lot.’
The current Concorde Agreement — that needs to be replaced in 2021 — is yet to be signed by some teams as Liberty Media looks to provide a more equal share of prize money than in the past. The next set of regulations already include a budget cap.