Renault has said it would stay in Formula One racing next season, ending speculation that the team may be sold.
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A number of parties were understood to be interested in buying the Renault team, including British race engineering specialist Prodrive, run by former BAR Honda and Benetton team boss David Richards.
Also in contention was Genii Capital, a Luxemburg-based firm specialising in new technologies, brand management and motor sport. Genii and Renault have decided on a strategic partnership and a letter of intent signed by the two companies should be concluded in early 2010.
For the 2010 season, the UK-based Renault F1 Team, which won the world championship in 2005 and 2006, will retain its name, its identity and the core ingredients. It will continue to be supplied with engines by its sister company in Viry-Châtillon, Paris, which will also supply Red Bull Racing next season.
Renault said in a statement that it was entering a “new phase” for its F1 programme, consistent with the sport’s drive for cost efficiencies.
The statement added: “Formula One remains one of the biggest sporting spectacles in terms of annual television audiences and media exposure. Therefore, Renault believes that the impact of Formula One in terms of image, and brand awareness worldwide, particularly in new, emerging markets, will continue to play a key role in fulfilling the company’s growth objectives in years ahead.”
Renault said that the partnership with Genii is a step towards bringing F1 participation to an affordable level for the group.
