Renault keeps team in F1 for 2010 (and Red Bull will keep using their engines)

2010 F1 season

Renault will race on in 2010

Renault will race on in 2010

Renault has confirmed its F1 team will remain in the sport in 2010.

It will also continue to supply engines to Red Bull. A statement issued by the team said:

In 2010, the team will retain its name, its identity and the core ingredients that led to the successes achieved in 2005 and 2006. The team will continue to be supplied with engines by its sister company in Viry-Ch??tillon, which is also pleased to have received a renewed commitment from Red Bull Racing for the 2010 season.

The team has sold a large stake to Luxembourg-based Genii Capital. Here’s the statement in full:

Renault has decided to maintain its commitment to Formula One and welcomes the perspective 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 will operate the team together. The letter of intent signed by the two companies should be concluded in early 2010.

In 2010, the team will retain its name, its identity and the core ingredients that led to the successes achieved in 2005 and 2006. The team will continue to be supplied with engines by its sister company in Viry-Ch??tillon, which is also pleased to have received a renewed commitment from Red Bull Racing for the 2010 season.

After 35 years in the sport, Renault today announces a new phase for its F1 programme, consistent with Formula One?s drive for cost efficiencies. Formula One remains one of the biggest sporting spectacles in terms of annual television audiences and media exposure. Renault therefore believes that the impact of Formula One in terms of image, and brand awareness worldwide, particularly in new, emerging markets, will continue to play a key role in fulfilling the company?s growth objectives in years ahead.

Bernard Rey, Renault F1 Team President, said: ??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 One. Today?s announcement also confirms Renault?s commitment and trust in the sport?s governing bodies to improve the green credentials of Formula One.??

Indeed, in making such a decision, Renault not only demonstrates its commitment to its fans across the world, its employees in Enstone and in Viry, and the FIA, FOA and FOTA but it also believes in the positive impact of promoting relevant technologies in synergy with its product plan. “With the ongoing evolutions of the Formula One regulations, Renault will be able to entertain its fans, while promoting a leaner and sounder Championship. We will show Renault’s skill when it comes to developing high-performance, fuel-efficient cars” said Bernard Rey, Renault F1 Team President.

The important cost reduction measures, made possible by the collective work within FOTA, have already improved significantly the operating cost base. With the anticipated sale of a stake in its F1 operational base in the United Kingdom to Genii Capital, Renault achieves today another step that will definitely bring F1 participation to an affordable level for the Group. In addition, the new partnership will contribute to procuring the team the resources to compete sustainably at the highest level, and creates a great opportunity to modernise its governance.

The team has already announced Robert Kubica will drive for them next year.

Update 1

CEO of Genii Capital Eric Lux on the Renault deal:

Our long-term vision for this challenging venture aims to return Renault to the forefront of Formula 1. Together with Renault, we intend to run the team with the same values as any of our other investments, prioritising ambitious performance targets without neglecting cost efficiency. We strongly believe that on-track performance can be compatible with business performance, and we will use all our entrepreneurial spirit and commercial know-how to achieve this goal.
Eric Lux

Update 2

Red Bull boss Christian Horner welcomed the extended engine supply deal:

2009 has been Red Bull Racing?s finest season to date. In one year, we?ve achieved six wins and four one-two finishes, none of which would have been possible without the excellent support and assistance we have received from our partners at Renault. We are extremely happy with the way they work with us and are looking forward to continuing our fruitful partnership with Renault in 2010.
Christian Horner

Genii Capital statement:

Image (C) Renault / LAT

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40 comments on Renault keeps team in F1 for 2010 (and Red Bull will keep using their engines)

  1. Hallard said on 16th December 2009, 21:17

    I think this is good news, and a huge credit to Renault for not collapsing in the wake of…Im not even going to say it…you-know-what-gate

  2. Hopefully this means that the 2010 “Renault” livery will not make your eyes bleed. I think its a good thing that the team has been saved in some guise. Very much looking forward to a full grid next year.

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