Currently reading: Renault commits to Formula One
French team sells stake to Luxembourg company and will race in 2010

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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beachland2 16 December 2009

Re: Renault commits to Formula One

I think the headline should read "Renault leaves F1" , "leaving behind 25% of itself it was forced to do by legal contracts."

BigEd 16 December 2009

Re: Renault commits to Formula One

looks like the Arabic-Brazilan Frenchman Carlos Ghosn and the Spanish? Luxemburger Lopez have stitched up the out in the cold Anglo Dave Richards - wheels within wheels. too bad that knighthood from the Queen for Ghosn didn't swing it for the Brit side