Renault has determined to preserve its promise to Formula One and welcomes the perspective of a premeditated joint venture with Genii Capital, a Luxemburg based firm specialized in new technologies, brand management and motor sport. Following the future sale of a large stake of Renault F1 Team to Genii, both partners will operate the team together. The letter of objective signed by the two companies should be completed in early 2010.In 2010, the team will maintain its name, its uniqueness and the core ingredients that led to the successes accomplished in 2005 and 2006. The team will persist to be supplied with engines by its sister company in Viry-Châtillon, which is also happy to have established a renewed commitment from Red Bull Racing for the 2010 season.
The significant cost reduction actions, made possible by the combined work within FOTA, have already enhanced appreciably the operating cost base. With the predictable sale of a stake in its F1 equipped base in the United Kingdom to Genii Capital, Renault achieves today another step that will absolutely bring F1 involvement to a reasonable level for the Group. Adding together, the new partnership will give to procuring the team assets to compete sustainably at the highest level, and creates a great chance to renovate its supremacy
