Saturday, December 26, 2009
Renault Stays on Formula 1 Grid in 2010 Thanks to Luxembourg Firm
Unlike BMW and Toyota, Renault has committed to Formula 1 in 2010 thanks in large part to Luxembourg-based company Genii Capital Investment.
The highly confidential deal will be completed early next year, Renault said in a statement, and it will continue to be business as usual for the Renault F1 team. Insiders say Genii beat out rival Prodrive to the investment opportunity and took a hefty 75% stake in the outfit.
Lucky for him, Pole Robert Kubica will remain as the team's prized driver. A suitable teammate for Kubica is currently being evaluated, with China's Ho-Pin Tung being a top contender for the seat. Tung is managed by Gravity, a company owned in part by Genii head Gerard Lopez.
Despite his well-publicized reservations about Renault continuing to compete in F1, Renault-Nissan CEO Carlos Ghosn approved the deal. Doubts surrounding Renault's future in F1 were spring-boarded by a mid-year scandal that saw driver Nelson Piquet admit to crashing intentionally during the 2008 Singapore GP under alleged orders from team boss Flavio Briatore and engineering director Pat Symonds.
Source: Renault, ESPNF1