From GMM

Following Wednesday's emergency board meeting, Renault CEO Carlos Ghosn on Thursday refused to confirm whether the French carmaker will stay in formula one in 2010.

"You will have to be patient. We will announce our strategy in terms of Renault's role in formula one before the year's end. It's not very far away, it's in a few weeks," Carlos Ghosn said.

Citing the global recession and amid the slump in new car sales, Toyota announced its immediate departure from the sport on Wednesday. Honda and BMW have already left the sport, and Bridgestone will follow suit after the 2010 season.

It was then reported that Renault was meeting to discuss its commitment to F1. Rumours say that Renault might sell its Enstone based outfit but remain on the grid as an engine supplier.

But Renault's F1 managing director Jean-Francois Caubet told the sports daily L'Equipe: "We have already contracted our drivers, had our budget approved and are enrolled in the world championship. Season 2010 has begun already."

He said Renault CEO Carlos Ghosn has also laid out his expectations for Renault's 2010 season; that the team "returns to a good level. We will not be world champions in 2010, but we do have hopes to be much improved."

Failed FIA presidential candidate Ari Vatanen told CNN the big companies are "right to quit".

"(They) would stay in the FIA championship if the sport was known for positive news and if it was a good avenue for marketing and promotion -- but formula one is only known for conflict, crisis and court cases recently, and big companies cannot afford that," the 57-year-old Finn added.