Renault will continue in Formula One next season after a deal was reached to sell a 75 per cent stake to an as yet unnamed party.
The BBC reports that the team will keep the Renault name for next season, with the French manufacturer keeping the remaining 25 per cent stake in the team.
Renault is set to confirm the sale later, with Luxembourg businessman Gerard Lopez tipped to be revealed as the team’s new owner. Prodrive was the other frontrunner, while Bernie Ecclestone claimed a further two parties were interested in buying the team.
Renault held an emergency board meeting last month to discuss its future in the sport following Toyota’s pull-out and the results of that meeting have still yet to be revealed.
The team had signed Robert Kubica as its lead driver for next season to replace Fernando Alonso, but it is understood the Pole has a get-out clause should the team be sold.