Renault Sport boss denies they will break bank for F1

Jerome Stoll, the Renault Sport chairman, has dismissed reports the French carmaker is ramping up its annual F1 budget.

The reports had suggested that after only supplying Red Bull and Toro Rosso with engines in 2015, Renault would now match Mercedes' budget as it returns to full works team status next season.

But Stoll told Auto Plus: "Not at all. (We will spend) No more. What we were spending as a supplier must remain the ceiling."

When asked how Renault can possibly keep developing engines as well as running its own Enstone-based works team with the same budget, he explained: "As an engine supplier, you get nothing.

"No sponsors, nor the rights from FOM. No partnerships. But when you are a team, you have access to all of this. And we will make the most of it," said Stoll.

What was missing from Renault's recent announcement, however, was confirmation of who would be running the new team, amid rumours Frederic Vasseur and Alain Prost will be deeply involved.

"At the start of January," Stoll said, "(CEO) Carlos Ghosn will reveal everything."