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Renault continue in Formula One

Bernard Rey confirmed that Renault will remain in Formula One next season after a deal secured the team's future.
Bernard Rey confirmed that Renault will remain in Formula One next season after a deal secured the team's future.
STORY HIGHLIGHTS
  • Renault have confirmed they will remain in Formula One next season after they agreed a deal secure the team's future.
  • Team president Bernard Rey revealed they had decided to maintain a strategic commitment to the sport
  • Renault have linked up with Genii Capital, a Luxemburg based firm specialized in new technologies, brand management and motorsport
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(CNN) -- Renault have confirmed they will remain in Formula One next season after they agreed a deal secure the team's future.

Renault F1 team president Bernard Rey revealed they had decided to maintain a strategic commitment to the sport with the help of Genii Capital, a Luxemburg based firm specialized in new technologies, brand management and motorsport.

The constructor will retain total control over its engine manufacturing base in Viry-Chatillon on the outskirts of Paris and also continue to supply engines to Red Bull in 2010.

There had been uncertainty over its future in F1 at the end of a year that has seen three of the major road-car manufacturers end their involvement in the sport because of difficult global economic conditions.

Honda left F1 in December 2008, BMW announced in July its decision to quit the sport at the end of the season, while Toyota were the most recent to withdraw in November -- only a few days after the final race of the season.

In a statement on team's Web site Rey 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.

We look forward to competing again at the highest level in Formula One.
--Renault team president Bernard Rey

"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."

The decision to examine their participation in the sport also came after Renault's worst season since they made a return to F1 in 2002 and the backlash of a race-fixing scandal.

Renault were handed a ban from F1, suspended for two years, after being found guilty of asking Nelson Piquet to crash deliberately in the 2008 Singapore Grand Prix to aid Alonso's chances of winning.

Genii Capital chief executive Eric Lux also welcomed their decision to link up with Renault for the new season.

He added: "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 F1. Together with Renault, we intend to run the team with the same values as any of our other investments, prioritizing 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."