The Renault F1 team has taken to Twitter to dismiss recent speculation suggesting that its former carmaker parent is considering buying back into the F1 team that bears its name.

The manufacturer sold a rumoured 85% stake in the team to the Luxembourg-based Genii Capital group at the end of 2009, amid the global car sales crisis and in the wake of the ‘Crashgate’ scandal.

It was reported in Finnish daily Turun Sanomat that Renault SA was interested in returning wholeheartedly to Formula 1 in the wake of a strong turnaround in its financial results.

Recently, majority team owner Gerard Lopez admitted that the costs associated with running the Renault team had been greater than expected, and the team also requested an advance on its next instalment of the TV revenue at the German Grand Prix (pictured). Both have prompted speculation that the team’s financial position is not as good as it would like, and in turn, the takeover rumours have emerged.

Gerard Lopez was spotted asking for an advance in Renault's TV money last month Writing via its official Twitter account, the Renault F1 team said: “Rumour mill in overdrive with some creative stories on the web.

“For the record, Renault are very happy with the Genii partnership, great visibility and a good relationship. No plans to change,” wrote RF1paddockpass.

The outfit also lamely dismissed ongoing speculation that Felipe Massa and Robert Kubica will perform a straight swap in the off-season, with the Brazilian coming to Renault and Pole venturing to Ferrari for the 2011 season.

“Has anybody seen Robert and Felipe standing next to each other? I’m not sure they’d fit in each other’s seats if they swapped,” the author wrote.

I’m quite sure that both squads won’t have determined legroom in their 2011 chassis’ just yet, Renault! This is a very weak rebuttal!

[Original image via AUTOSPORT]

The following two tabs change content below.

Richard Bailey

Founder & Chief Editor at MotorsportM8
Hasn't missed a Grand Prix since 1989. Has a soft spot for Minardi. Tattooed with 35+ Grand Prix circuits.

Latest posts by Richard Bailey (see all)