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De Meo is CEO of Renault Groupe and was the man responsible for ending the French manufacturer’s power unit program.
It has not yet been announced what supplier it will work with from 2026 though Mercedes remains the firm favourite.
The decision to axe the engine program was, largely, a financial one.
In addition to the costs associated with running the team, which last year posted an AUD $15.17 million profit, Renault has been on the hook for the cost of developing a power unit.
New regulations are set to come into play for 2026 with increased electrification and the introduction of a power unit cost cap.
Even still, costs will approach AUD $200 million simply to operate at the cap.
Currently, only the factory team sports Renault power since Red Bull Racing switched to Honda in 2019 and McLaren to Mercedes in 2021.
Without the ability to offset the costs of the program via customers, de Meo reasoned it did not stack up financially.
However, he stopped short of pulling the pin on F1 altogether.
Renault acquired the squad currently known as Alpine from Genii Capital in 2015 for £1, though it also acquired the company’s debts.
A valuation from Forbes in July last year suggested the operation was worth around AUD $2 billion, while the sale of a 24 percent stake in the organisation suggested a value of AUD $1.35 billion last October.
That financial growth of the team, and the sport more broadly, is one of the primary reasons why de Meo opted not to offload team – though he has disingenuously claimed credit for that transformation.
“It contributes to the financial valuation of the group,” de Meo confessed to L’Equipe.
“When I was presented with the F1 activity, it was a cost line in the marketing budget.
“I have already crystallised $1 billion in value.
“That’s not bad, right? It also helps to value Renault’s stock. So there is no question of selling the family jewels.”
Despite continued insistence to the contrary, Alpine has faced persistent suggestions that it is up for sale.
It has also been suggested that as a good option for Andretti Global, which failed to find its way onto the grid through the Expressions of Interest process opened by the FIA last year.
There have been a handful of others also interested in finding their way onto the grid, with de Meo admitting he has had several enquiries about the squad.
However, he is not inclined to sell Renault’s remaining F1 interest, especially as he believes valuations will only continue to rise.
That is in part through the exclusivity factor of having an F1 team given only 10 exist, and that it has seemingly closed ranks despite regulations permitting 12 teams.
Adding to that sentiment is the rejection of Andretti Global’s entry, which came with the backing of General Motors, along with an expected rise in the antidilution fee from the current $200 million to $600 million or more in the next Concorde Agreement due for 2026.
“I receive calls every 15 days from financiers, eccentrics who want to enter F1,” de Meo admitted.
“They know that after 2026 it will cost much more.
“If you are given $1 billion today to take the team, they will be able to resell it for double, two years later.
“It is full of speculators here. I have refused fifty times.
“A team will soon be worth between $3 and $5 billion. I am not going to sell, I am not stupid.
“Being in F1 is essential for the Alpine brand. We are in a closed club.
“It gives us credibility to the brand among car enthusiast. We do not need this money.”
