Renault to stay in F1

Renault will stay in Formula One after selling a large stake in their team to Luxembourg-based Genii Capital, the French carmaker said in a statement on Wednesday.

Renault will stay in Formula One after selling a large stake in their team to Luxembourg-based Genii Capital, the French carmaker said in a statement on Wednesday.

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“Renault has decided to maintain its commitment to Formula One and welcomes the perspective of a strategic partnership with Genii Capital, a Luxembourg-based firm specialised in new technologies, brand management and motor sport,” it said.

“Following the proposed sale of a large stake of Renault F1 team to Genii, both partners will operate the team together.”