RSS FeedRenault announced yesterday it would stay in Formula One, but sell a large stake in its team to Luxembourg-based company Genii Capital.
Reuters
reports that the deal will see Renault halve its spending on Formula
One, but keep a Renault-branded team in the race series. Renault said
the team would retain the "core ingredients" that won it the Formula
One championship in 2005 and 2006
Genii Capital is an investment company specialising in brand management and motorsports.
Renault F1 team president Bernard Rey 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," Rey said in a statement.
"Today's announcement also confirms Renault's commitment and trust in the sport's governing bodies to improve the green credentials of Formula One."
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