Renault loans new team owner 20m Euros – report 16/03/2010 |
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Renault has reportedly loaned the new owners of its Formula 1 team 20m Euros in a bid to get it back on track after a difficult 2009.
It is thought that, under the terms of the agreement, Renault will regain full control of the team if the loan is not eventually repaid.
The French carmaker sold a 75 per cent stake in its F1 business to Luxembourg investment firm Genii Capital after a dismal season last year which saw the team lose its team principal Flavio Briatore over the Singapore crash scandal, its main sponsor ING and its star driver Fernando Alonso to Ferrari.
The Independent newspaper claims the 20m Euro loan is secured against the assets at the team’s F1 base in Enstone – valued at £35.2m at the end of 2008. It says that should the loan not be repaid, full ownership of the team will return to Renault.
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