Renault to Sell 75 Percent of F1 Team - Report

French manufacturer Renault decided to sell the majority of their Formula One team prior to the 2010 Formula One championship. The news is yet to be confirmed, but several highly authoritative media – such as the very broadcaster of the F1 series in the UK, BBC, alongside newspapers The Guardian, Times and Daily Telegraph – reported that the move was already approved by the company's board of directors.

Just as reported in recent weeks, the Renault team will remain in the series under its current name, despite the fact that no less than 75 percent of its shares will be sold to a private investor. That decision is more than likely linked with a potential fine from the FIA, as Renault recently signed the Concorde Agreement (linking all the signing teams to the series until 2012 season).

In addition, Renault will remain in Formula One as an engine supplier, not only to their Enstone works team, but also to the Red Bull Racing outfit.

As we told you before, the news is to be made official in the upcoming few days. Renault's board of directors is to meet in Paris on December 14, to discuss the economic prospects of the company and also its financial involvement in Formula One.

As for the potential owners of the aforementioned 75 percent shares in the team, Gerard Lopez has been mentioned as the favorite from an overall 4 bidders, as he recently told the media – during the Motor Sport Business Forum in Monaco – that he is indeed interested in investing in F1. He even hinted that he would maintain the name of the team in case he does purchases majority shares in it, at least in 2010.

Prodrive's David Richards and other two bidders have also been linked with a potential buyout of the Renault team, according to recent reports and some declarations coming from F1 boss Bernie Ecclestone.