Renault has welcomed Formula 1’s new regulati𒈔on overhaul for the 2021 season.

F1 presented its new rules package for 2021 on Thursday ahead of this weekend’s United States Grand Prix, after the proposals were unanimously approved ꧟by The World Motor Sport Council.

New sporting, technical and financial regulations aimed at improving the speꦺctacle and lowering costs for teams have been the subject of years of discu༒ssions between F1 officials and teams.

In a team statement released following the presentation of the new rules, Renault team principal Cyril Abiteboul praised the regulations for offering “significant opportun🐼ities for a team like ours”.

"The approval of the 2021 financial, technical and sporting regulations by the FIA World Motorsport Council marks the conclus🍌ion of a very comprehensive work by Formula 1, the FIA and the🍬 teams,” Abiteboul said.

“They also confirm the vision ✨laid down by Formula 1's new ownership for a more eꦛquitable, more entertaining and more sustainable sport, without betraying the DNA that made us love this complex sport, and to which Renault has been loyal since 42 years.

“Despite some compromises made to bring together the diversity of models created by the current Concorde Agreement and its unsustainable discrepancies, these measures represent significant opportunities for a team ꦜlike ours, increasing our prospects to r🍌educe the gap to the front and challenge for wins and titles in a reasonable time frame.

“We wil😼l continue to work together to fine tune these regulations, but the fact 🌜the fundamentals are now secured will allow us to plan the developments required between now and the first race of 2021.”

ꦉThe positive reaction from Renault follows the admission from interim CEO Clotilde Delbos’ last week that the French manufacturer will consider its future in F1 as part of a major review into its strategy.