Renault stays in Formula One

Renault F1 Team has confirmed it remains committed to Formula One after reaching an agreement with Genii Capital. In the deal Renault sold a large stake of the team to the Luxembourg team, led by businessman Gerard Lopez. Renault and Genii will operate the team in partnership, having signed a letter of intent earlier this week.

According to the French make the team will remain branded Renault and preserve all the "core ingredients" that took it to the championships in 2005 and 2006.

In addition, in 2010 Red Bull Racing engines will continue to be supplied by the French car manufacturer.

Bernard Rey, Renault's F1 team president assumes he is 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.”

Rey confirms that the team is looking forward “to competing again at the highest level in Formula 1”. He also adds that the announcement “confirms Renault's commitment and trust in the sport's governing bodies to improve the green credentials of Formula 1”.