As Renault set out its (racing) stall today, Jerome Stoll, Chief Performance Officer and President of Renault Sport Racing, made clear the reasons for the French manufacturer's return.

"For over a century Renault's company strategy has centred on motorsport and harnessing its benefits for increased road car sales," he said. "The adventure now continues in 2016 as Renault creates Renault Sport Racing and Renault Sport Cars.

"Within this new structure, the Renault Sport Formula One Team will compete in the Formula One World Championship. The decision to return to team ownership is based on a solid, well-considered business strategy that we firmly believe will bring long term gains to Renault and other members of the Renault-Nissan Alliance. The benefits of F1 are undeniable: access to a large, worldwide TV and online audience, huge growth potential, access to developing markets and fast-paced, dynamic competition with some of the world's leading manufacturers.

"Equally there is a real opportunity to showcase French creative technical excellence while testing avant-garde new innovations in the toughest arenas. Through our competitive activities, millions of Renault road users are already enjoying the benefits of turbocharging, greater fuel economy and highly sophisticated electrical vehicles that include improved powertrain architecture definition for efficiency optimization. Now, through Renault Sport Racing, we can go beyond and harness areas such as aerodynamics, driver response and improved suspension. The opportunities are almost endless and will serve as a great motivator for the technical teams across Renault Sport Cars and the Renault brand.

"On the other side, F1 is a powerful marketing tool and one each of our markets will be able to dial into. The announcement was greeted with huge enthusiasm internally and I am very much looking forward to a range of innovative campaigns around our equally exciting new products.

"All (Renault motor sport) activities will be brought under the Renault Sport Racing banner led by Cyril Abiteboul as Managing Director and Frederic Vasseur as Racing Director, responsible for sporting and technical matters. This new entity will create a coherent team in which developments are able to cross-pollinate across multiple disciplines. To this end, some 30 staff working on various racing activities at Les Ulis have been regrouped into Viry-Chatillon alongside their F1 colleagues.

"I am delighted that Bob Bell returns to Renault to oversee the technical teams at Enstone and Viry. Nick Chester has been a strong technical director for the chassis operation in difficult times and will continue to guide Enstone, while Remi Taffin will use his hands-on racing experience as Technical Director for Viry. The new structure of the F1 team should see it flourish.

"We recognize that 2016 will be a challenging year," he admitted. "While our targets in F1 are realistic, any new structure takes time to reach maturity, and this year will be critical in ensuring each foundation stone is solidly placed.

"We need to create strong bonds between Enstone and Viry in the F1 team, and between Enstone and Viry and the rest of Renault Sport Racing. Equally we need Renault Sport Racing and Renault Sport Cars to flourish. If we are successful in opening good lines of communication, open and creative thought and rigorous discipline in each activity then we have every reason to look forward to our sporting future."

Check out our gallery, here.