2009 Renault F1 Race car

Shooting down speculation to the contrary, Renault's F1 managing director Jean-Francois Caubet insists a working budget for 2010 has been approved and the team will race in formula one next year.

Following the announcement of Toyota's departure on Wednesday, the Renault board met in Paris, triggering reports that the French carmaker could be the next to quit F1.

But 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," Caubet continued.

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