Renault hits back at rumours of financial problems

By on Monday, June 6, 2011

Jun.6 (GMM) Renault is hitting back at reports of financial problems.

The rumours emerged during the Monaco grand prix and the Enstone based team's boss Eric Boullier hinted they might have been started by his predecessor Flavio Briatore, who was making an appearance in the Principality.

In a further move to downplay the rumours, France's reports that Renault is making several new investments, including a state-of-the-art driver simulator.

The report also referred to an update for the 60 per cent wind tunnel and a new supercomputer for CFD computer simulations.

Boullier, meanwhile, has told L'Equipe that a management shakeup is the next step.

"In 2010 we watched the operations at the circuit and did not want to destabilise the team, focusing instead on operating efficiently.

"Now is the perfect time to ensure we have effective management at the track," he revealed.

"We're calm. It has been a transitional period that we have handled remarkably well. We have a sponsor in the form of Group Lotus and solid partners.

"And if in the season we ever need an extension of the budget, Genii Capital is able to grant it," insisted Boullier.

At the same time, the team's title sponsor Group Lotus has insisted the recent naming dispute battle with Team Lotus has not affected its commitment to Renault and formula one.

Proton-owned Lotus has vowed to appeal the High Court's decision to allow Team Lotus to keep using the name and logo for its entirely separate outfit.

But Dany Bahar insists: "We (Group Lotus) are even more committed than ever before to our long-term plan within the sport.

"With regards to our involvement with (Renault), as Lotus we stand united with Genii Capital and have every confidence in the future success of (the team)," he said.

"People always question the cost but, believe me, if we couldn't afford it, we wouldn't do it."

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