Renault stays in Formula One after selling stake in team
 

Filed under: Motorsports, Renault
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The Renault name will remain on the Formula One grid when the series resumes in 2010 thanks to a deal announced on Wednesday. There had been considerable speculation in recent months that Renault would shut down its F1 effort and follow Honda, BMW and Toyota out the door. These rumors hit a fever pitch after the "Crash-Gate" controversy and the sudden departure of primary sponsor ING.

However, in the past couple of weeks it became plausible that Renault could stay in the sport although in a scaled down fashion. Luxemborg based Genii Capital will buy a majority stake in the team which will retain the automaker's name. The exact percentage hasn't been disclosed although the earlier speculation had Renault retaining only 25 percent of the team.

Renault will retain the engine building operation and continue to supply the Red Bull Racing team in 2010. The press release is after the jump.

[Source: Renault]Continue reading Renault stays in Formula One after selling stake in team
Renault stays in Formula One after selling stake in team originally appeared on Autoblog on Thu, 17 Dec 2009 09:29:00 EST. Please see our terms for use of feeds.


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