Renault to exit F1

Tim Urquhart, analyst at Global Insight and former editor of F1 Business magazine, said: 'There is no business rationale for owning a F1 team. Now that times are tough for the major car manufacturers it's much harder for them to justify spending vast amounts of money on F1.'

The talk now is which team may be next to pull out of F1. Urquhart said the most likely was Renault. Its sponsorship deal with ING is thought to expire at the end of next season and, given the credit crunch, it's unlikely the Dutch bank will renew it. Carlos Ghosn, chief executive of the French car maker, has already promised to keep Renault's involvement under review. The betting is that come next year he will hit the brakes, which could put the team's 500 workers at its base in Oxfordshire out of jobs. More at The Observer