Formula one costs more than expected, according to Renault’s new majority team owner Gerard Lopez.

He heads the Luxembourg based investment firm Genii Capital, who amid the crashgate scandal and car sales crisis last year bought most of the Enstone based team from carmaker Renault SA.

But while the team has performed better than expected with its new structure in 2010, it emerged recently that Renault F1 had applied to Bernie Ecclestone for an advance of its commercial revenue due to cash flow issues.

“From a commercial point of view, things are going well,” Lopez is quoted as saying in the Italian language Autosprint.

“We are in line with our plans.  But it (F1) costs more than we expected.  Formula one costs much more than we thought,” he added.

“We knew that our car was not born with as much speed as we wanted, and we had to inject resources to make it competitive,” Lopez is quoted by auto.it.

“And then there’s the development aspect, which is higher than expected, meaning additional costs.

“But regarding 2011, we are still looking forward with much enthusiasm,” he insisted.

Renault F1 has scoffed at reports suggesting its former French carmaker parent is considering buying back the Enstone based team.

Amid the car sales crisis and economic downturn, and the damaging crashgate scandal, Renault SA sold a rumoured 85 per cent of the team that still bears its name to Luxembourg-based investment firm Genii Capital.

But Finland’s Turun Sanomat claimed the carmaker’s financial situation has dramatically improved to the point that it is interested in returning wholeheartedly to F1.

“Rumour mill in overdrive with some creative stories on the web,” Renault F1 said via its official Twitter account.

“For the record, Renault are very happy with the Genii partnership, great visibility and a good relationship. No plans to change,” added RF1paddockpass.

Renault also dismissed rumours that Felipe Massa could be headed to Renault next year, with Robert Kubica linked once again to Ferrari.

“Has anybody seen Robert and Felipe standing next to each other? I’m not sure they’d fit in each other’s seats if they swapped,” wrote the team’s Twitter author.

French carmaker Renault SA is reportedly considering buying back a majority stake in the formula one team that bears its name.

Amid the car sales crisis and economic downturn, and the damaging crashgate scandal, Renault sold a rumoured 85 per cent of the Enstone based team last year to Luxembourg-based investment firm Genii Capital.

With its new owners, Renault F1 has fared better than expected in 2010, culminating in Robert Kubica’s strong performance and third podium of the season so far at Spa-Francorchamps last weekend.

Finland’s Turun Sanomat claims that Renault SA’s financial situation has dramatically improved to the point that the carmaker is interested in returning wholeheartedly to F1.

The rumour ties in with ongoing speculation, also once again alluded to at Spa by new team boss Eric Boullier, that Kimi Raikkonen could return to formula one next year with Renault.