Paris  - Renault joined ranks with Ferrari and other teams on Wednesday by threatening to quit Formula One if a budget cap for teams is introduced next year.

The decision of the (ruling body) FIA to introduce two sets of technical regulations for the 2010 Formula One season has caused the Renault Group to reconsider its entry in next year9s Formula One world championship," Renault said in a statement.

A majority of teams led by Ferrari have questioned their future in the sport after the ruling body FIA last month decided to set up a budget cap of 45 million euros (61 million dollars) from next year onwards.

Teams which don't exceed the cap will have all technical freedom for engines and aerodynamics of their cars. Teams which spend more money face restrictions.