By signing the new commitment with Lopez' company, Renault therefore confirmed its stay in the series, only as a minority stakeholder in the F1 team. It's likely that all the important management decisions will now be transferred to Lopez, while Renault will get to keep the name of the team and engine supply in the championship.
“Renault has decided to maintain its commitment to Formula One and welcomes the perspective of a strategic partnership with Genii Capital, a Luxemburg based firm specialized in new technologies, brand management and motor sport. Following the proposed sale of a large stake of Renault F1 Team to Genii, both partners will operate the team together. The letter of intent signed by the two companies should be concluded in early 2010,” said the press release from Renault.
In addition, the French manufacturer also announced it will continue to supply engines to Red Bull Racing for the duration of the 2010 season.
“After 35 years in the sport, Renault today announces a new phase for its F1 programme, consistent with Formula One’s drive for cost efficiencies. Formula One remains one of the biggest sporting spectacles in terms of annual television audiences and media exposure. Renault therefore believes that the impact of Formula One in terms of image, and brand awareness worldwide, particularly in new, emerging markets, will continue to play a key role in fulfilling the company’s growth objectives in years ahead,” added the statement.
“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. Altogether, we look forward to competing again at the highest level in Formula One. Today’s announcement also confirms Renault’s commitment and trust in the sport’s governing bodies to improve the green credentials of Formula One,” added Bernard Rey, Renault F1 Team President.
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