Renault to maintain Formula One presence
France-based car manufacturer Renault has confirmed it will continue to compete in the Formula One World Championship after completing the sale of a majority stake in its team to Genii Capital.
Renault had considered following Toyota and BMW in pulling out of the sport, but will now remain as part of a strategic partnership with the Luxembourg-based investment company that will see the team retain its Renault F1 identity. Renault F1 team president Bernard Rey said: "Altogether, we look forward to competing again at the highest level in Formula One. This announcement also confirms Renault's commitment and trust in the sport's governing bodies to improve the green credentials of Formula One."
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