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Wednesday, December 16, 2009

Renault sells majority stake to investment group

Team retains engine manufacturing base

Renault will remain in Formula 1, but the French auto manufacturer has sold approximately 75 percent of the Enstone operation to Luxembourg-based investment firm Genii Capital.

F1 Young Drivers Testing - Day One

Renault maintains control over engine manufacturing facility in Viry-Chatillon, and the team will continue to supply Red Bull for 2010, as well.

Red Bull's engine supply had been in doubt while Renault weighed its options.

What effect this will have on drivers, including Robert Kubica, who had been signed to replace the departing Fernando Alonso, is unknown. The team is slated to run on a limited budget. What is assured is the team will continue to compete as Renault.

Renault had claimed to have multiple suitors to the team. One was David Richards' Prodrive.

A letter of intent should be concluded next year. Don't miss the top stories of the day, subscribe to the SpeedRead Web newspaper now! -- Email SpeedRead -- Learn more about author C.D. Six


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