Renault has decided to stay in Formula One and form a strategic partnership with Gerard Lopez’ Genii Capital, a Luxemburg based firm specialized in new technologies, brand management and motor sport. Renault will sell a large stake of the team to Genii and both partners will operate the team together. The letter of intent signed by the two companies should be concluded in early 2010.
The team will retain the Renault name in 2010. The sister company in Viry-Châtillon will supply the engines to the Renault team as well as to Red Bull Racing for the 2010 season.
“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.
Indeed, in making such a decision, Renault not only demonstrates its commitment to its fans across the world, its employees in Enstone and in Viry, and the FIA, FOA and FOTA but it also believes in the positive impact of promoting relevant technologies in synergy with its product plan. 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.” – Bernard Rey, Renault F1 Team President.
The team is yet to announce who will partner Robert Kubica.