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Renault will remain in Formula One next season after it sold a majority stake in its team to Luxembourg company Genii Capital Investment.

The exact terms of the deal have yet to be revealed by Renault, but the French firm is reported to have sold a 75 per cent stake to the company headed by Gerard Lopez. Renault said in a statement that the deal will be completed early next year.

The team will keep the Renault name for next season and has also confirmed it will continue its engine supply to Red Bull for the 2010 season.

Bernard Rey, Renault's F1 team president, said: "I am delighted to welcome Genii Capital as our new strategic partner as I am sure that their enthusiasm and business expertise will create a new dynamic for the team, the staff, and our partners.

"Altogether, we look forward to competing again at the highest level in Formula 1. Today's announcement also confirms Renault's commitment and trust in the sport's governing bodies to improve the green credentials of Formula 1."

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