Renault Group CEO Francois Provost has reaffirmed that Alpine will stay in Formula 1 and dismissed speculation that the team will be sold.
Provost made this statement during the press day of the Paris Motor Show, emphasizing the fact that Renault is the only French automaker participating in Formula 1.
"To get a full return on investment, TV needs to show our cars more often," Provost explained to BFM TV. - Then you can see the real effect of our participation in Formula 1.
"But Formula 1 remains one of the most popular sports in the world and there is only one French brand in this championship - Alpine. That's why one of our drivers is French. That's why we're continuing this program and Alpine is staying in Formula 1.
"It's clear that we're losing money because of our participation in Formula 1 and it's not easy for us because of that, but we need to have more ambitious goals," Provo added to French President Emmanuel Macron, who was a guest at the opening of the auto show.
Provo's words have yet to be confirmed by the Alpine team's financial statements for the past year. After the introduction of the budget cap in Formula 1, the value of each team has increased many times over and very few of them are operating at a loss, as they are constantly attracting new sponsors, their revenues are growing, and their expenses are limited and predictable.