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Renault to Stay in F1 – Sort Of

by F1Fan on December 16, 2009

After months of speculation that Renault may leave Formula One the news is finally out.

Renault has reportedly formed strategic partnership with Genii Capital, a Luxemburg based firm specialized in new technologies,
brand management and motor sport, under which Renault will sell a large stake in the Renault F1 Team to Genii. Genii ownership will be reportedly in the 75% – 80 % range with Renault maintaining the minority holding and maintain its commitment to F1 through its ongoing commitment to the Renault F1 Team and also through the supply of engines to Red Bull Racing in 2010.

Renault and Genii, have both signed a letter of intent for the deal which also states that both partners will operate the team together. The resulting agreement should be concluded early in 2010.

The team will retain its name, its identity and the core ingredients that led to the successes achieved in
2005 and 2006. The team will continue to be supplied with engines by its sister company in Viry-Châtillon, which
is also pleased to have received a renewed commitment from Red Bull Racing for the 2010 season.

In a prepared statement commenting on the situation Bernard Rey, Renault F1 Team President, said:

“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. 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.”

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

Now it remains to be seen if Robert Kubica will remain at Renault or exercise the “Get Out” clause in his contract. My bet is he will stay, as their are not many options open for him, the only really interesting seats left available for him in 2010 would be the New Mercedes Team, but their is increasing speculation that the open seat may go to Michael Schumacher, or a return home to Sauber.

Guess we will know in the next week or so.

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