Clouds over Formula One grow even darker
One day after Toyota pulled out of Formula One, it emerged that Renault is also considering quitting the world’s most glamorous contest. The company’s board met on Wednesday specifically to discuss the issue. And it is difficult to blame them: Renault lost $4 billion in the first-half of the year, and last year its Formula One team cost $394 million. Add to it a crippling Renault team scandal after which the team’s boss, Flavio Briatore, was banned for life, and one shouldn’t be surprised that Renault’s appetite for racing in a year of survival is not very large. Couple it with Formula One owner, Bernie Ecclestone’s, despotism and the future doesn’t look very bright for the ultimate racing. Read more: BusinessWeek
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