VIENNA (AP) — Red Bull owner Dietrich Mateschitz says the team will quit Formula One if engine supplier Renault doesn't manage to build "a competitive power unit."

Mateschitz tells the Austria Press Agency "we'll only stay in Formula One if we have a competitive team, and we need a competitive power unit for that ... The problem is that we can't control it."

Mateschitz doesn't mention a timeframe for improvement by the French manufacturer, whose contract runs until the end of 2016. The Austrian billionaire has ruled out the option of Red Bull starting to build its own engine.

Red Bull won all eight F1 drivers' and teams' championships from 2010-13 with Renault, but lost its dominant position to Mercedes last season following the introduction of turbocharged hybrid engines.

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