The CEO of Renault says the French auto maker remains committed to formula one.

On a visit to the Monte Carlo paddock on Sunday, Carlos Ghosn said that - despite Enstone based Renault's second consecutive season out of contention for the title - there are no plans to scrap the F1 team.

At the same time last year, Ghosn insisted that Renault must always be among the quickest two or three teams in formula one.

But on Sunday, the Frenchman was quoted by the Spanish newspaper Marca as insisting that Renault will be on the grid for a "long time".

"We are working on being able to fight with the top teams again.

"We will be here for a long time," he added, also apparently in reference to Max Mosley's recent claim that the sport is on the cusp of a major financial crisis that could mean the withdrawal of more teams.

Meanwhile, F1 chief executive Bernie Ecclestone vigorously denied Mosley's 'crisis' warning, albeit admitting that the cost of running a team should be reduced.

But wrote in his letter to FIA club presidents: "There is no financial crisis in formula one.

"On the contrary, formula one is in robust health, it enjoys the support of most of the world's leading automotive manufacturers and is sponsored by many of the world's other most prestigious brands.

"Revenues continue to grow, television ratings are high and demand from countries to promote a new grand prix continues to exceed the number of places on the calendar," Ecclestone added.

Source: GMM