17 Dec 2009

Renault to stay in F1 after selling stake

6:29 am on 17 December 2009

Renault has pledged to stay committed to Formula One even after selling a large stake in its team to Genii Capital, a Luxemburg-based specialist in brand management and motor sports.

The French car maker says the team will remain branded Renault and preserve all the "core ingredients" that took it to the championships in 2005 and 2006.

But team managing director Jean-Francois Caubet says the cost will be halved.

Renault declined to specify the size of the "significant" stake Genii is taking but says it expects the deal to be completed early next year.

F1 team president Bernard Rey says the team will announce a new manager early next year at the same time as a second driver to partner Poland's Robert Kubica.

Renault is one of three manufacturers remaining in Formula One after the departure of Honda, Toyota and BMW in the last year.