Renault F1 Reveals £34m Loss For 2010

The Renault Formula One team has revealed it generated a £34.3 million loss last year – according to the French car manufacturer’s latest accounts.

According to media reports, the company’s final year as an owner in F1 saw the team register the loss, following post-tax profits of £4.8m the year before.

The Guardian said that a major reason for the slump was the exodus of sponsors after the team was charged in September 2009 for orchestrating a deliberate crash at the 2008 Singapore Grand Prix.

Turnover in the year to 31st December 2010 dropped by 49% to £82.2m, with the loss of title sponsor ING accounting for £41m of the total.

Renault remains in F1 as an engine supplier to several teams.