Renault set to stay in Formula One

Renault have said they want to continue racing in Formula One following plans to sell a large stake of the team to a Luxembourg-based firm.

It is believed that about 80% of the team will be owned by Genii Capital, which specialises in new technologies, brand management and motor sport.

Bernard Ray, Renault F1 team president, said: "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."

Genii Capital is headed by entrepreneur Gerard Lopez, who was also an early investor in Skype.

The deal is expected to be concluded early next year, with both parties having signed a letter of intent for the sale, particularly relating to Renault's operational base in Enstone.

Under the new agreement, Renault will be able to retain their name, identity and core ingredients with which the marque became world champions with Fernando Alonso in 2005 and 2006.

Its sister company in Viry-Chatioon will continue to supply the engines, and the manufacturer has announced a renewed commitment from Red Bull Racing for next year.

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