Renault has welcomed Formula 1’s new regulation overhauꦍl for the 2021 season.

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

New sporting, technicꦯal and financial regulations aimed at improving the 𒊎spectacle and lowering costs for teams have been the subject of years of discussions between F1 officials and teams.

In a team statement releas♉ed following the presen🤡tation of the new rules, Renault team principal Cyril Abiteboul praised the regulations for offering “significant opportunities for a team like ours”.

"The approval of the 2021 financial, technical and sporting regulations by the FIA World🥃 Motorsport Council marks the conclusion 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 equitable, more entertaining and m🐼ore sustainable sport, without betraying the DNA that made us love th🐷is complex sport, and to which Renault has been loyal since 42 years.

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

“We will continue to wor🐈k together to fine tune these regulations, but the fact the fundamentals a🐓re now secured will allow us to plan the developments required between now and the first race of 2021.”

The 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.