Renault will stay in Formula One after selling a large stake in its team to Luxembourg-based Genii Capital, the French carmaker said in a statement Wednesday. “Renault has decided to maintain its commitment to Formula One and welcomes the perspective of a strategic partnership with Genii Capital, a Luxembourg-based firm specialized in new technologies, brand management and motor sport,” it said. “Following the proposed sale of a large stake of Renault F1 team to Genii, both partners will operate the team together. The letter of intent signed by the two companies should be concluded in early 2010.” The company said the team would stay as Renault and maintain the “core ingredients” that took them to championships in 2005 and 2006. Renault, one of three manufacturers remaining in Formula One after the departure of Honda, Toyota and BMW in the last year, will continue to supply engines to the British-based team as well as this year's championship runners-up Red Bull. “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,” said team president Bernard Rey in the statement. “Altogether, we look forward to competing again at the highest level in Formula One. Today's announcement also confirms Renault's commitment and trust in the sport's governing bodies to improve the green credentials of Formula One.” Rey said Renault intended to use the sport to show off the company's skill in developing high-performance, fuel-efficient cars. Genii capital's chairman is Gerard Lopez, whose technology investment company Mangrove Capital was an early investor in Skype. His main rival to take over the Renault team was the Prodrive company run by Aston Martin chairman and former Benetton and BAR team boss David Richards. “Together with Renault, we intend to run the team with the same values as any of our other investments, prioritizing ambitious performance targets without neglecting cost efficiency,” said Genii CEO Eric Lux in a statement. Genii said it would also “explore opportunities for synergies between companies in its investment portfolio and the Renault F1 Team.”
