Afternoon:
14°c
Renault fortunes driven by Alonso
Christian Sylt and Caroline Reid04.07.08
Renault's Formula One team must be keener than ever to keep star driver Fernando Alonso after figures showed the huge financial impact when he quit to join McLaren two seasons ago.
The Spaniard returned this year, but is thought to be looking to leave Renault again after the poor performance of the car so far this season.
Accounts just filed by the Oxfordshire-based team run by flamboyant boss Flavio Briatore show that, after taxes, losses for the 2007 financial year doubled to £3.9 million on turnover which crashed 16% to £110.8 million.
Several Spanish sponsors including O2 mobiles giant Telefonica and insurer Mutua Madrilena left after Alonso quit. These two alone contributed around £14 million to the revenues.
Also, Renault came a poor third in the constructors' championship. That hit staff bonuses, but Briatore's pay still rose 8% to £940,000.
