Renault has confirmed the creation of Renault Sport F1 following the decision to sell its stake in the F1 team carrying its name.
Renault sold its minority stake in the Enstone-based outfit to Genii Capital, with the resulting partnership with Group Lotus leading to the creation of the Lotus Renault GP team.
The move means Renault will now focus on its role as an engine supplier to Lotus Renault, Red Bull Racing and Team Lotus while Renault Sport F1 will also work on a range of other technological advancements for use in the sport.
While Enstone will remain the home of the F1 team, Renault Sport F1 will be based at Viry-Châtillon with Bernard Rey holding the position of chairman.
“2011 opens a new chapter in our historical involvement in Formula 1 racing,” Carlos Ghosn, President and CEO of Renault, said. “The victory in 2010 with Red Bull Racing showed the potential of the engine specialists at Viry-Châtillon and underlines Renault's credibility as a supplier of engines and technologies.
“We intend to build on this victory over the coming years and to achieve further success with our partners.
“Renault will adopt a proactive approach with the other manufacturers and sporting bodies to meet one of the main strategic challenges of this sporting discipline: to develop an engine with technologies that will herald those applied to future production vehicles.”