Renault have held an emergency board meeting in Paris to discuss the possibility of pulling out of Formula One with immediate effect, reports BBC Sport.

The French car giants were considering whether to continue their association with the sport with its own team, switch to being a mere engine supplier or quit totally.

The news of the emergency meeting comes close on the heels of Japanese firm Toyota's decision not to be associated with Formula One. Toyota is the third automobile firm to quit the sport in less than a year.