Renault sells stakes to stay in F1

"Renault has decided to maintain its commitment to Formula One and welcomes the perspective of a strategic partnership with Genii Capital, a Luxembourg-based firm specialised in new technologies, brand management and motor sport," it said.
"Following the proposed sale of a large stake of Renault F1 team to Genii, both partners will operate the team together. The letter of intent signed by the two companies should be concluded in early 2010."

The company said the team would stay as Renault and maintain the "core ingredients" that took them to championships in 2005 and 2006.

Renault, one of three manufacturers remaining in Formula One after the departure of Honda, Toyota and BMW in the last year, will continue to supply engines to the British-based team as well as this year's championship runners-up Red Bull.
"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," said team president Bernard Rey.

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