The FIA's proposed budget cap for Formula One has continued to throw the sport into disarray after Renault become the fourth team to reveal it won't enter the 2010 season unless changes to the plans are made.

Just a day after Ferrari's Board of Directors revealed the Italian giants would walk away from the sport if the proposed rules remain unchanged, Renault has now followed suit with a statement explaining that 'the decision to introduce two sets of technical regulations' has led it to 'reconsider' its entry into the new season.

As with Ferrari less than 24 hours before, Renault also expressed concern over the way in which the proposal has been put forward, with the budget cap being announced at a time when the Formula One Teams Association has already been discussing ways to reduce the costs involved in competiting in the sport.

"There is frustration that FOTA's constructive proposals, including major cost saving measures to be adopted progressively between 2009 and 2012, which were carefully constructed by FOTA members, have been completely ignored without any form of consultation by the FIA with the teams," the statement read. "It should be stressed that FOTA has set the same, if not lower, financial objective as the FIA, but Renault strongly believes that this must be introduced through a different procedure agreed by all parties.

"Renault also believes that it is paramount that the governance of the sport is co-ordinated with a spirit of consultation with all parties (FIA, FOM, FOTA) in order to achieve a better balance between the costs and the revenues. Renault is also of the firm view that all entrants in the World Championship must adhere to and operate under the same regulations."

Team boss Flavio Briatore said the team was keen to work with the governing bodies to find a way to reduce costs in Formula One, but said the French outfit wasn't prepared to accept 'unilateral governance' of the sport by the FIA.

"Our aim is to reduce costs while maintaining the high standards that make Formula One one of the most prestigious brands on the market," he said. "We want to achieve this in a co-ordinated manner with the regulatory and commercial bodies, and we refuse to accept unilateral governance handed out by the FIA. If the decisions announced by the World Council on the 29th of April 2009 are not revised, we have no choice but to withdraw from the FIA Formula One World Championship at the end of 2009."

Renault F1 president Bernard Rey said the team would remain committed to the sport but only if all teams were running to the same set of rules.

"Renault has always considered Formula One as the pinnacle of motor sport and the perfect stage to demonstrate technical excellence," he said. "We remain committed to the sport, however we cannot be involved in a championship operating with different sets of rules, and if such rules are put into effect, we will be forced to pull out at the end of this season."

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