Official: Renault continues F1 thanks to Genii Capital

Renault has decided to continue its commitment in Formula 1, with the support of a new strategic partner, Genii Capital, a Luxembourg-based company specializing in new technologies, image management, and motorsport. Renault is expected to transfer a large share of Renault F1 Team to Genii Capital, and both partners will jointly manage it. The letter of intent signed by the two companies will be finalized in early 2010.

In 2010, the team will retain its name, identity, and the essential characteristics that allowed it to achieve success in 2005 and 2006. The factory in Viry-Châtillon will continue to produce engines for the Renault F1 Team as well as for Red Bull Racing, which has renewed its trust in them for the 2010 season.

By making this decision, Renault proves its commitment to sports competition. The group reaffirms its engagement towards its fans worldwide, its employees in Enstone and Viry-Châtillon, as well as the Fédération Internationale de l’Automobile (FIA), the Formula One Administration (FOA), and the Formula One Team Association (FOTA). Renault also emphasizes that Formula 1, through the technological innovations it develops, is an asset for its range of production vehicles.

Formula 1 is one of the three most publicized sports in the world, and Renault is one of its leading teams: having been involved in the competition for 35 years, Renault has regularly climbed to the top of the podium. It is a crucial image carrier and technological showcase for the company, particularly in new emerging markets.

If Renault did not want to give up this media coverage, it was nevertheless vital, as the automotive industry is experiencing a major crisis, to reduce overall costs. Beyond the work done in this direction by the teams gathered within the FOTA, the partnership with Genii Capital is expected to improve the profitability of Renault’s investments. By notably selling a stake in the Enstone site in the UK to Genii Capital, Renault can now consider a sustainable and less costly participation in the championship. The partnership will also ensure the necessary resources to aim for the highest level of competition and will provide an opportunity to improve the governance of the Renault F1 Team.

Bernard Rey, President of Renault F1 Team:

« I am very happy to welcome Genii Capital as a new strategic partner and I am certain that their enthusiasm and business skills will trigger a new dynamic for the team, staff, and our partners. We are all looking forward to once again embarking on the competition at the highest level of Formula 1. Today’s announcement also confirms Renault’s commitment and confidence in the bodies managing sporting events to improve the ecological development of Formula 1. Given the changes in regulations in the field of Formula 1, Renault will be able to entertain its fans while promoting a more efficient and safer championship. We will showcase Renault’s skills in designing reliable, high-performance, and fuel-efficient cars ».

According to a press release from the Renault F1 Team