Renault to remain in F1 despite selling stake 17/12/2009 |
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Renault has sold a majority stake in its Formula 1 team to Genii Capital – but will remain in the sport next season after retaining a minority shareholding.
The company had considered quitting F1 following the Nelson Piquet Jr crash scandal but has decided to continue with Genii, which specialises in new technologies, brand management and motor sport.
Genii is thought to have bought a stake of between 75 and 80 per cent, though the team will still use Renault engines and race under its name.
Renault team president Bernard Rey said: “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.”
Genii boss Gerard Lopez added: “This is a period of opportunity for Formula 1, not a period of uncertainty.
“Formula 1 has an extraordinary level of global awareness that can be used to develop new business-to-business opportunities in traditional and developing markets, and there are exciting new revenue streams to be explored.”
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