Renault will remain in the FIA F1 World Championship in 2010 after concluding a deal with Genii Capital, a Luxemburg-based investment firm specialised in new technologies, brand management and motorsport.
Under the arrangement both partners will operate the team together and as a result the outfit will retain its name and its identity next season, along with the core ingredients that led to the successes achieved in 2005 and 2006.
The letter of intent signed by the two companies today should be concluded in early 2010 and it will lead to Genii Capital acquiring a large stake in Renault's F1 operational base at Enstone in the United Kingdom.
"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.
"Altogether, we look forward to competing again at the highest level in F1. With the ongoing evolutions of the F1 regulations, Renault
will be able to entertain its fans, while promoting a leaner and sounder Championship.
"We will also show Renault's skill when it comes to developing high-performance, fuel-efficient cars."
"We are delighted to have been selected as Renault's strategic partner for the Renault
F1 Team," added Eric Lux, CEO of Genii Capital. "Our long-term vision for this challenging venture aims to return Renault
to the forefront of F1.
"Together with Renault, we intend to run the team with the same values as any of our other investments, prioritising ambitious performance targets without neglecting cost efficiency.
"We strongly believe that on-track performance can be compatible with business performance, and we will use all our entrepreneurial spirit and commercial know-how to achieve this goal."
Renault also confirmed that the team will continue to be supplied with engines by its sister company in Viry-Châtillon, which is also pleased to have received a renewed commitment from Red Bull
Racing for the 2010 season.