Renault brand to remain in F1

Renault
Renault

LONDON - Renault is to continue to compete in Formula One next year following the announcement of a new financial deal with Luxembourg-based business Genii Capital.

The French car manufacturer had called a review of its participation in F1, following a season of controversy that saw team bosses Flavio Briatore and Pat Symonds forbidden from attending FIA-sanctioned events.

However, the new deal will see investment company Genii Capital take control of the Renault F1 team, with the manufacturer retaining a 25% stake.

According to Renault, the partnership with Genii Capital will help the team to procure the ‘resources to compete sustainably' in F1.

‘Today's announcement also confirms Renault's commitment and trust in the sport's governing bodies to improve the green credentials of Formula One,' said Bernard Rey, Renault F1 team president.

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