Red Bull will have their Renault engines renamed Infiniti this season and in the process boost the team's budget by at least £7m.

Infiniti is the premium brand of Japan's Nissan and is also partly owned by Renault. This development is a part of Infiniti's plans to boost its global profile using Formula One racing.

There will be no change to the technical aspects of the engines though. It's only the branding that changes, but it means Red Bull will get their engines for free.

The cost of all customer engine supplies in F1 is 8m Euros or £6.8m and Red Bull will now save as much. It is estimated to be around 4-5% of their total budget and allows the team to use the funds in other areas.

Until now, Red Bull was the only team contending for the title who had to pay for customer engine supplies. Red Bull won last season's constructors championship, while their driver Sebastian Vettel won the Driver's championship. They are favorites to win this season's titles as well and this move allows them the funds to invest in their performance, making them potentially more dangerous.