The new multi-year deal was announced ahead of the Australian Grand Prix, with the team tweaking its yellow-and-black livery for 2020 as a result of the tie-up.

With Renault's board yet to decide on whether or not to commit to F1 for the period of the next Concorde Agreement, which runs from 2021, the extra cash from the sponsorship will at least help better balance the team's financial outlook.

And, on the back of the arrival of a cost cap and a more favourable distribution of prize money, Renault F1 team boss Cyril Abiteboul says things are looking better now.

Asked by Motorsport.com about how positive the deal could be for securing Renault's future, Abiteboul said: "I think it helps and it's certainly a step in the right direction. It is something we said over the winter, and everything is pointing towards a good direction.

"Now, you know, until things are done, things are not done. There is still discussion and sorry, we're going back to Formula 1 politics, but discussions are going on on Concorde, and until Concorde is signed, it is not signed.

"But better money distribution, and good financial regulations [are welcome]. We still have a number of controversies to address, but there is also the economic environment, which is a challenging one, and everything like that is going in the right direction.

"I can't confirm here now, simply based on the partnerships, that we are long term committed. But it's definitely helping a lot."