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Rivals fight for Renault F1 team

Written By Trading Forex News on Saturday, December 5, 2009 | 6:40 AM


The Renault F1 team has two potential buyers - and the firm's board is likely to decide which one to sell to next week.

The French car manufacturer's executive committee met in Paris yesterday to discuss the future plans for the team, ahead of a crunch board meeting next week.

It is understood to have decided to sell the team, and is now investigating offers from Prodrive and a Luxembourg investment fund, Genii Capital.

Autosport.com reports Genii Capital's plan is to take financial control of the team, but for it to remain Renault for at least another two years. The company would also fund the Renault driver development programme for young drivers.

CEO Carlos Ghosn is reported to favour this option for the future - especially because it has the blessing of Formula One supremo Bernie Ecclestone.

However, the current Renault F1 team management is believed to favour the bid being put together by Prodrive.

Prodrive boss David Richards' experience in motorsport is said to be key to his bid, and his plans would also allow Renault to withdraw from the sport immediately, remaining only as an engine supplier.

The decision could have a knock-on effect on the F1 driver market. Renault has signed Robert Kubica for 2010, but the highly rated Pole's contract could have conditions that allow him to leave if the team is sold. Mercedes, formerly Brawn GP, is said to be monitoring the situation with interest.


by autocar.co.uk

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