Renault to Stay in Formula 1, Sell Stake in Team

After Renault suffered massive setbacks this season with an underperforming car that Fernando Alonso called “the worst on the grid” and the damaging crashgate scandal, it was unknown whether the French automaker would remain in the sport next season. The company confirmed its commitment to the sport today, announcing it will indeed field a team next season.

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<o:p>;</o:p>;In addition to announcing its intention to compete in F1 next season, Renault announced it will sell a large stake in its team to Genii Capital, a capital investment firm based out of Luxemburg. The investment firm specializes in motorsports, new technologies, and brand management. Following the completed sale in early 2010, both companies will work together to operate the team and work on bringing it back to its competitiveness of 2005 and 2006.

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“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,” said Bernard Rey, Renault F1 team president. “We look forward to competing again at the highest level in Formula 1.”

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With Renault’s confirmation that it will remain in the sport, this puts 13 teams on the starting grid for next year as Qadbak-Sauber has now secured a spot on the grid. The 2010 Formula 1 season kicks off on March 14, 2010 in Bahrain.

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