Renault has announced that its Formula 1 team will stay put for the 2010 season, and has sold a majority stake to Gerard Lopez’s Genii Capital group.
Following the departures of car manufacturers Honda, BMW and Toyota from the sport within the last 12 months, Renault executives held emergency meetings regarding its F1 team just three days after the season-ending Abu Dhabi Grand Prix and in the wake of Toyota’s decision to pull out of F1.
With speculation rife as to the future of the team, it is Lopez’s Genii Capital – a Luxembourg-based firm specialising in new technologies, brand management and motorsport – which now owns a large share, reported to be 75%, of the Renault team.
"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," explained Renault Team President Bernard Rey. "Altogether, we look forward to competing again at the highest level in Formula 1. Today’s announcement also confirms Renault’s commitment and trust in the sport’s governing bodies to improve the green credentials of Formula 1."
At last, the future of the team and its loyal staff is confirmed!
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