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 autohebdo.fr 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."

Latest F1 News - Mobile version

26 Feb: New Ferrari not quickest in field - Domenicali 26 Feb: Red Bull still best in 2013 - Tost 26 Feb: 2014 French grand prix 'possible' - Prost 26 Feb: Danica Patrick 'not interested' in F1 switch 26 Feb: Report - Gilles Simon working on F1 engine for Honda 26 Feb: Gutierrez plays down link to Carlos Slim 26 Feb: Caterham exhaust 'legal' insists van der Garde 26 Feb: McLaren replaces Mercedes-bound Lowe 25 Feb: 'Engine maps' trouble for Red Bull, Lotus - report 25 Feb: Mercedes-bound Lowe to miss 2013 opener - report 25 Feb: Mercedes 'in group of teams' behind Red Bull - Lauda 25 Feb: Gutierrez expects Hulkenberg to beat him early in 2013 25 Feb: New Ferrari 'much better' than 2012 - Massa 25 Feb: Teams 'will adapt' to new tyre situation - Gutierrez 25 Feb: Tight rules make today's F1 cars 'the same' - Forghieri 25 Feb: Williams removes controversial exhaust trick 25 Feb: Contract 'conflicts' cause of Marussia test snub - Razia 25 Feb: Lotus to fight Red Bull for title - Gutierrez 25 Feb: Marussia 'ahead of Caterham' - Chilton 25 Feb: Sutil will not stay in F1 as test driver The latest F1 News - Mobile Version