Renault will make a decision on its participation in Formula 1 in the future before the end of 2009, the French car maker said on Thursday.On the same day Toyota announced it is quitting the sport with immediate effect, Renault held an extraordinary board meeting to discuss its future plans, amid reports that it could also leave grand prix racing.

On Thursday, Renault Chief Executive Carlos Ghosn did not clear any doubts about the French manufacturer’s future involvement, just stating that Renault will make a decision before the end of the year.

“You will have to be patient,” Ghosn was quoted as saying by the Reuters news agency as telling reporters in Paris.

“We will make an announcement on our participation in Formula 1 before the end of the year.”

Renault is, together with Ferrari, the only full manufacturer team left in Formula 1 following the exits of Honda, BMW and Toyota over the last 12 months.

Toyota has announced that it is to pull out of Formula 1 with immediate effect.The Japanese car company revealed its surprise decision in a news conference in Tokyo today following an earlier board meeting. It said the current economic situation had prompted its departure.

“Toyota Motor Corporation (TMC) announces it plans to withdraw from the FIA Formula 1 world championship at the end of the 2009 season,” said a Toyota statement.

“TMC, which had viewed its participation in F1 as contributing to the prosperity of automotive culture, remained dedicated to competing at the pinnacle of motor sports even in the face of the abrupt economic changes that started last year.

“However, when considering TMC’s motorsports actitives next year and beyond from a comprehensive mid-term viewpoint reflecting the current severe economic realities, TMC decided to withdraw from F1″

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