Renault join Ferrari in quit threat over F1 budget cap

Renault have become the fifth team to announce they will not race in Formula One next season unless plans for the controversial budget cap are scrapped. Ferrari yesterday confirmed their intention to pull out of the championship joining Red Bull, Toro Rosso and Toyota in the boycott.

They are angered by Max Mosley's proposal which would see teams who adhere to the £40million budget cap given greater tehnical freedom than those who do not.

Mosley, president of motor sport's world governing body, the FIA, now faces showdown talks with all the teams at a Heathrow airport hotel on Friday if they are to save the sport.

Renault president Bernard Rey said: "We remain committed to the sport, however we cannot be involved in a championship operating with different sets of rules, and if such rules are put into effect, we will be forced to pull out at the end of this season."

The budget changes were ratified at a meeting of the World Motor Sport Council two weeks ago but Mosley is now under growing pressure to back down.

Renault team boss Flavio Briatore said: "Our aim is to reduce costs while maintaining the high standards that make Formula One one of the most prestigious brands on the market. We want to achieve this in a co-ordinated manner with the regulatory and commercial bodies, and we refuse to accept unilateral governance handed out by the FIA.