After a period of rumours that Renault could quit Formula 1, the French manufacturer has announced that it is set to remain committed to their F1 racing programme.

However, they have sold a large stake to the company Genii Capital based in Luxembourg. As a result of this new partnership, Renault will continue to supply F1 engines to Red Bull Racing and it will enter the 2010 F1 World Championship. The F1 team president stated:

“I am delighted to welcome Genii Capital as our new strategic partner as I am sure that their enthusiasm and business expertise will create a new dynamic for the team, the staff, and our partners. Altogether, we look forward to competing again at the highest level in Formula 1. Today’s announcement also confirms Renault’s commitment and trust in the sport’s governing bodies to improve the green credentials of Formula 1.”

After manufacturers like BMW and Toyota left F1 this year, it’s nice to see Renault stay in the pinnacle of motor sport. We wish them good luck as more cars on the grid might just mean we will get more on-track action.

Source: Autosport