Renault SA sold its remaining stake in its Formula One team to Genii Capital, a Luxembourg-based private investment firm. Genii Capital is already the Renault F1 team's major shareholder. The team will race as Lotus Renault GP in 2011 under a long-term partnership with Malaysian-owned sports car company Group Lotus plc.
The team said in a statement that Group Lotus will eventually become a major equity partner in Lotus Renault GP, which it will co-own with Genii Capital.
Interestingly, Lotus Renault will go up against the existing Team Lotus -- also Malaysian-owned and also powered by Renault engines.
Both teams will race in new black-and-gold liveries, going back to the glory days of the late 1970s when Colin Chapman's original Lotus team was winning races and championships.
Team Lotus, which made its debut in 2010 as Lotus Racing, is at odds with the Lotus Group owned by carmaker Proton over the use of the brand.
Tony Fernandes owns Team Lotus. Fernandes claims the rights to Chapman's Team Lotus name, which is kept separate from the car company of late. [via autonews - sub. required]