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Renault looks to secure F1 future
Friday, November 20, 2009
Renault could be set to sell a 40 per cent stake in its F1 team to a Russian-backed consortium.
Renault already has strong links in Russia as it is a shareholder in Avtovaz, which builds Ladas. Finnish newspaper Turun Sanomat and German paper Bild both claim Renault is looking for outside investment to secure the future of the team following continued uncertainty over its future.
Following Toyota’s exit from the sport earlier this month, the Renault board held an extraordinary meeting and the outcome of the talks are still unknown. Renault CEO Carlos Ghosn has said he will announce the future of the team by the end of the year.
Bild claims Renault is urgently looking for a 30 million euro (£26.8m) investment to secure the team’s future, while it also claims Russian GP2 driver Vitaly Petrov could be signed up as a team-mate to Robert Kubica as part of the deal.
The continued uncertainty over Renault is also hindering Red Bull’s 2010 development. The 2009 runner-up in the constructors' championship is designing its next challenger around a Renault engine, but it has yet to confirm who will supply its engines next year.
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