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Renault SA’s Formula One team Managing Director Flavio Briatore says France’s second-largest carmaker won’t abandon the sport because it can make a profit.

Renault Chief Executive Officer Carlos Ghosn “understands Formula One is a unique event,” Briatore said. “Basically what exists in motor sports is Formula One. Carlos understands it as well. If we are working together, Formula One can be a center of profit.”

Earlier this month, Renault Chief Operating Officer Patrick Pelata said his company may leave the sport if it doesn’t get a bigger share of commercial revenue. He said that to remain, the carmaker must reduce its overall Formula One bill beyond cost cuts agreed upon among teams in December, after Honda Motor Co. announced its departure. The carmaker declined to comment yesterday.

Briatore joined Renault after it bought Benetton’s team for $120 million in 2000. He led the team to two consecutive driving and constructors’ titles in 2005 and 2006. In January, the Formula One team said it would lay off some of its 850 workers before the season starts this weekend.

Briatore entered Formula One as commercial director of Benetton’s team in 1989. He became team manager in 1991 and signed Michael Schumacher, who won his first two driving championships in 1994 and 1995 for the apparel company’s team.

“We need to be like in the early ‘90s,” he said. “At Benetton, we made a lot of money. We made profit. Profit is a word that nobody in F1 wants to use because is a little bit scary, but it’s what we want.”

(Source: Bloomberg)