Everyone can heave a sigh of relief now as Renault has chosen to maintain its commitment to Formula One. Renault is open to the idea of a strategic partnership with Genii Capital, a Luxemburg based firm specialized in new technologies, brand management and motor sport.
Following the proposed sale of a large stake of Renault F1 Team to Genii, both partners have said that they will operate the team together soon after the sale of a large stake of Renault F1 team. The letter of intent signed by the two companies should be concluded in early 2010.
When 2010 comes, the team will retain its name, its identity and the core ingredients that led to the successes achieved in 2005 and 2006.
Its sister company, Viry-Chatillon, will continue to be supplied with engines by its sister company, in which it is ecstatic to have received a renewed commitment from Red Bull Racing for the 2010 season.
After Renault had participated in the sport for 35 years and it had also announced a new phase for its F1 program, consistent with Formula One's drive for cost efficiencies.
Formula One is difficult to ignore as it remains one of the biggest sporting spectacles in terms of annual television audiences and media exposure.