16-Dec-09: Renault to Stay in F1 Thanks to Genii Capital

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Welcome to F1 Minute for the 16th December 2009.

Renault confirmed their future in Formula 1 today, after announcing a partnership with Genii Capital. The company has bought a large stake in the Renault team, rumoured at about 75%, but they will retain the Renault branding, and engines. The deal also confirmed that Renault will be supplying Red Bull with motors next year as well. Genii Capital is based in Luxembourg with Eric Lux as CEO and Gerard Lopez on the board. Lux says: “We are delighted to have been selected as Renault’s strategic partner for the Renault F1 Team. Our long-term vision for this challenging venture aims to return Renault to the forefront of Formula 1.” They want to do this by cutting costs whilst also looking to greener alternatives.

Not everyone is happy, though, as Kubica’s manager has confirmed they have some questions about the way the new team will work – and his future is by no means secure just yet.

That’s all for now, I’ll be back tomorrow with another F1 Minute.