Renault has confirmed it remains committed to Formula 1, after announcing on Wednesday that it has sold a large stake in the team to Luxembourg company Genii Capital.
Following weeks of uncertainty about the future of the team, Renault issued a statement revealing its tie-up with Genii Capital, a company led by businessman Gerard Lopez. The French car manufacturer also confirmed that it will continue to supply engines to Red Bull Racing in 2010.
Renault and Genii will operate the team in partnership, and a letter of intent that was signed by the two parties earlier this week should be concluded at the start of 2010. As was predicted, Renault will retain its team name and corporate identity as the manufacturer looks to a more "green" F1 future.
Bernard Rey, Renault's 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. Altogether, we look forward to competing again at the highest level in Formula 1. Today's announcement also confirms Renault's commitment and trust in the sport's governing bodies to improve the green credentials of Formula 1.
"With the ongoing evolutions of the Formula 1 regulations, Renault will be able to entertain its fans, while promoting a leaner and sounder championship. We will show Renault's skill when it comes to developing high-performance, fuel-efficient cars."