Renault Issues EUR20 Million Loan to F1 Team

Renault might have sold their Formula One operations to Luxembourg investment company Genii Capital, but the French manufacturer could in fact regain ownership of their Enstone organization in the near future. And that’s because it seems Renault F1’s new team owner Gerard Lopez has borrowed some EUR20 million from the French carmaker to sustain his F1 operations.

The report was issued by British publication The Independent, who hinted that Renault’s Enstone facility cost an overall EUR38 million, which is about double the sum of money that the French company loaned the Genii Capital-controlled team in recent weeks. Meaning that, if the money will not be returned in time, Renault could regain control over the F1 team.

Such a scenario is unlikely though, as the Enstone based team has already secured several partnerships for the 2010 season aimed at maintaining a decent financial operations in F1. With the signing of Russian driver Vitaly Petrov, the team has secured around EUR15 million – through Lada sponsorship and governmental money promised by Russian PM Vladimir Putin.

Additionally, the Genii Capital-owned company announced a new partnership with HP for the upcoming 2 seasons.

Genii Capital purchased 75 percent of Renault F1 team a few months ago, while agreeing to maintain the name of the French manufacturer on the F1 entry list for the 2010 season. As part of the team’s restructuring process, a new manager was appointed, in the person of Eric Boullier, and the official colors of the outfit have been changed to yellow and black (Renault’s classic motorsport colors).