Renault set to continue in F1

The team has also withdrawn the complaint made against Nelson Piquet Jnr and Snr of false allegations and blackmail.

The disclosures were made in documents submitted by Renault to the World Motor Sport Council, and during the hearing itself on Monday in Paris.

The team were handed a suspended disqualification from F1 over the conspiratorial plot involving Flavio Briatore, Pat Symonds and Piquet Jnr to cause a crash in last year's Singapore Grand Prix.

Part of their written submissions read: "Renault F1 and its parent company have given serious consideration as to whether it should remain in the sport following the prejudice caused to its corporate image by the conspiracy, in addition to the existing background of financial pressures that have caused car manufacturers to withdraw.

"But it has concluded that it would like to remain in Formula One and continue to make an important contribution to the sport."

Ali Malek QC, representing Renault in front of the WMSC, repeated the assertion the manufacturer would remain in the sport.

As Malek remarked: "We are keen to put this whole affair behind us.

"It was a ridiculous plot, a one-off, and Renault knows nothing like this can ever happen again.

"This is a black day for us, but it is our intention to draw the line, and to do everything we can to put this sad history behind us."