Renault Sport has confirmed its intentions to implement a cost-cutting scheme into the World Series by Renault to ensure the series' longevity.

Recent financial problems for numerous teams and drivers had resulted in speculation surrounding the future of the Renault-backed event. As a response to its ever-changing Formula Renault 3.5 line up, Renault Sport recently signed with partners to extend the championship's run to at least 2017.

In a statement, President of Renault Sport Technologies Patrice Ratti outlined his plans for the World Series by Renault going forward.

Related Articles

"The motor racing economic context is difficult. At the beginning of the season we created a working group with the Formula Renault teams", he said. "Together we have decided to prolong the current version of the Formula Renault 3.5 for two seasons and have renewed our contracts with our major partners for several years".

Further referencing the reshuffling within Formula Renault 3.5, Ratti acknowledged that more cost-effective measures are needed if the series is to remain competitive for many more years.

"We have also decided on a large number of competitiveness improvements, either by cost reduction of replacement parts, or by extending the life span thanks to the in-depth work of our engineers and technical partners", he explained.

"This will allow the teams to reduce their costs by at least 10%, which they have already anticipated in their discussions with their drivers for 2015", he concluded.

This news comes weeks after Renault Sport announced their intention to add another class to the series in time for 2015. The Renault Sport Trophy is set to be unveiled at the Moscow Motor Show in August. Little is currently known about the championship but the engines are expected to be powered by Nismo and will boast 500 horsepower, 30 less than the current FR3.5 offering.

Further details regarding WSR's future will be announced at the next round in Hungary this September. In a time of financial austerity in motorsport, Renault Sport is taking action to ensure their flagship series remains.