F1: Renault Makes It Official

Formula 1

F1: Renault Makes It Official – They Will Stay

The Renault F1 team made it official Wednesday; they will remain in Formula One...

SPEED Staff | Posted December 16, 2009 Charlotte, NC

The Renault F1 team made it official Wednesday; they will remain in Formula One.

Ending speculation they might leave Formula One, Renault F1 President Bernard Rey announced Wednesday they had a sold a large portion of their team and will race in 2010. (Photo: LAT Photographic)

After two high profile manufacturers had withdrawn from the sport in the past year, there was some doubt as the season came to an end that Renault may follow.

The speculation came to an end Wednesday though as the team issued a press release that said they had sold a ‘large stake’ of the team to Genii Capital, a Luxemburg based firm that specializes in new technologies, brand management and motor sport and led by general manger Gerard Lopez. Though not confirmed in the release, it’s widely believed that Genii has purchased a 75 percent stake while Renault will retain a 25 percent share.

“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,” Bernard Rey, Renault F1 Team President, said. “Altogether, we look forward to competing again at the highest level in Formula One. Today’s announcement also confirms Renault’s commitment and trust in the sport’s governing bodies to improve the green credentials of Formula One.”

Both partners will operate the team together the press release said. The letter of intent signed by the two companies should be concluded in early 2010.

In 2010 the team will retain its name its identity and the core ingredients. The team will continue to be supplied with engines by its sister company in Viry-Châtillon.

The team also confirmed that they would continue to supply engines for Red Bull Racing for the 2010 season.

The press release also said that ‘Renault not only demonstrates its commitment to its fans across the world, its employees in Enstone and in Viry, and the FIA, FOA and FOTA but it also believes in the positive impact of promoting relevant technologies in synergy with its product plan.’

"With the ongoing evolutions of the Formula One regulations, Renault will be able to entertain its fans, while promoting a leaner and sounder Championship,” Rey said. “We will show Renault's skill when it comes to developing high-performance, fuel-efficient cars.”

“The important cost reduction measures, made possible by the collective work within FOTA, have already improved significantly the operating cost base,” Rey added. “With the anticipated sale of a stake in its F1 operational base in the United Kingdom to Genii Capital, Renault achieves today another step that will definitely bring F1 participation to an affordable level for the Group. In addition, the new partnership will contribute to procuring the team the resources to compete sustainability at the highest level, and creates a great opportunity to modernize its governance.”