Renault set to stay in Formula 1?

After the bombshell of Toyota pulling out yesterday, it seemed we were heading for a double-whammy with Renault calling an emergency meeting in Paris. However the result of that meeting sounds positive and it seems Renault will continue on the F1 grid in 2010.

The Enstone based team have had a tough 2 years, finishing 4th and 8th in the constructors championships, as well as the departure of Flavio Briatore and Pat Symonds following the ‘Crashgate’ race fixing scandal involving Nelson Piquet Jr.

The team’s managing director Jean-François Caubet said:

“We have already contracted our drivers, had our budget approved and are enrolled in the world championship. Season 2010 has begun already. We will not be world champions in 2010, but we do have hopes to be much improved.”

Update 05/11/09 21:58GMT

Despite these quotes coming out of Renault, they are still not confirming they will or will not be on the grid next year and will make a decision by the end of the year.