Renault are On for 2010

Wednesday, December 16, 2009 -- After a year of troubled times and financial worries, Renault F1 have announced that they are ready to participate in the 2010 season and this time, they will have a new partner in Genii Capital, an investment firm from Luxembourg that bought a large stake in the French manufacturer.

Renault, in a press statement on their website, said:

“After 35 years in the sport, Renault announces a new phase for its F1 programme, consistent with Formula One's drive for cost efficiencies. Formula One remains one of the biggest sporting spectacles in terms of annual television audiences and media exposure. Renault therefore believes that the impact of Formula One in terms of image, and brand awareness worldwide, particularly in new, emerging markets, will continue to play a key role in fulfilling the company's growth objectives in years ahead.

“With the anticipated sale of a stake in its F1 operational base in the United Kingdom to Genii Capital, Renault achieves another step that will definitely bring F1 participation to an affordable level for the Group. In addition, the new partnership will contribute to procuring the team the resources to compete sustainably at the highest level, and creates a great opportunity to modernise its governance.”

While the new partnership will certainly ease the financial pressure on the team, they will still continue to race under the same brand name and with Renault engines. The agreement was aimed at providing the team with the resources and stability that it needs to succeed at the highest level of the sport.

Eric Lux, CEO of Genii Capital, said, "We are delighted to have been selected as Renault's strategic partner for the Renault. Our long-term vision for this challenging venture aims to return Renault to the forefront of Formula One. Together with Renault, we intend to run the team with the same values as any of our other investments, prioritising ambitious performance targets without neglecting cost efficiency. We strongly believe that on-track performance can be compatible with business performance, and we will use all our entrepreneurial spirit and commercial know-how to achieve this goal."

Renault 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. Altogether, we look forward to competing again at the highest level in Formula One.”

In the engine supplier department, nothing will change as Renault are slated to continue supplying their engine technology to Red Bull Racing.