Open

Coming up

Don't miss

Replay


LATEST SHOWS

WEB NEWS

Trash collection goes high tech

Read more

WEB NEWS

Web users react to escalating violence in Gaza

Read more

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

  • Germany defeat Argentina 1-0 to win World Cup

    Read more

  • Thousands flee northern Gaza after Israeli warning

    Read more

  • Clashes erupt in Paris as thousands march to support Palestinians

    Read more

  • Major differences remain as deadline looms in Iran nuclear talks

    Read more

  • Paris’s Bastille Day fireworks ‘a homage to victims’ of WWI

    Read more

  • Rival Libyan militias exchange heavy fire at Tripoli airport

    Read more

  • French military to extend Mali 'counterterrorism' operations into Sahel

    Read more

  • Legendary conductor Lorin Maazel dies aged 84

    Read more

  • Germany’s Tony Martin wins ninth stage of Tour de France

    Read more

  • Boko Haram claims Nigeria attacks and supports Iraqi militants

    Read more

  • French court lifts mayor’s ban on Muslim hijab at beach

    Read more

  • Shells land in Russia as eastern Ukrainians flee fighting

    Read more

  • Iraqi parliament fails to agree on new leadership

    Read more

  • Afghan presidential candidates agree to full vote audit, Kerry says

    Read more

Renault to stay in 2010

©

Text by News Wires

Latest update : 2009-12-16

After weeks of uncertainty, Renault announced on Wednesday that it will remain in the Formula One competition after selling off a large part of its team to Luxembourg company Genii Capital.

AFP - Renault confirmed Wednesday they are to remain in Formula One after selling off a large part of the team to Luxembourg company Genii Capital.

After weeks of uncertainty about their future, the French car manufacturer issued a statement revealing their link-up with Genii Capital, a company led by businessman Gerard Lopez.

Precise details of what percentage Genii Capital will hold were not given but it is reported to be in the region of 75 percent.

"Renault have decided to continue their commitment to Formula One with the support of a new strategic partner, Genii Capital, a Luxembourg company specialising in new technologies, image management and motor sport," the team said in a statement.

"Renault should transfer to Genii Capital a large part of the Renault F1 Team and the two partners will look after the management together," the statement continued, adding that the deal would be finalised early 2010.

This partnership will help "improve the cost-effectiveness of Renault's investments" at a time when the "automobile industry is going through a major crisis", the team said.

The agreement allows Renault to retain their name and identity which helped them become world champions with Fernando Alonso in 2005 and 2006.

The teams engines will continue to be supplied from the factory at Viry-Chatillon, outside Paris, with the manufacturer also announcing a renewed commitment from Red Bull Racing for 2010.

Renault recorded losses of 2.7 billion euros in the first four months of the year and were considering their future in a sport which costs about 100 million euros a year.

There has been speculation over Renault's future in F1 ever since the FIA, motorsport's governing body, issued a lifetime ban in September to their former team principal Flavio Briatore for ordering Nelson Piquet Junior to deliberately crash at the 2008 Singapore Grand Prix.

Pat Symonds, Renault's former chief engineer, was banned for five years.

Both men are currently appealing against their respective punishments.

Even without the fall-out from that scandal, worldwide economic problems have also called into question Renault's continued involvement in the sport during a 12-month period where other volume car manufacturers such as Honda, BMW and Toyota have all pulled out of Formula One.
 

Date created : 2009-12-16

Comments

COMMENT(S)