Source: The Associated Press
After the Flavio Briatore crash scandal, French carmaker Renault was rumored to leave F1. However, on Wednesday they agreed to sell a large portion of the team to a private investment firm. This ensures they will be able to continue racing in Formula One. 
The proposed firm was Genii Capital. Renault now says that the Renault team will be run by both companies concurrently, under the Renault name. Neither company disclosed the amount of the company that would be sold, however reports indicate it may be up to a staggering 80%. Genii informs that it plans to run the Renault team with a restricted-budget model.
The Formula One Team Association (FOTA) has announced their intention to withdraw from the Formula One Championship at the end of the season and create their own championship series for 2010. FOTA is comprised of Brawn GP, McLaren, Renault, Ferrari, BMW Sauber, Toyota, Red Bull and Toro Rosso. FOTA has been frustrated by recent budget cap proposals of £40 million and a general disregard of the team’s opinions by the FIA.
Another day, another Formula 1 car released. This time Renault has revealed their 2009 contender, the R29. This is the car Fernando Alonso and Nelson Piquet, Jr. will be driving in order to maintain or better their impressive 4th place standing in the Constructors championship. Renault is lucky to have Fernando Alonso to help setup their new car. Alonso is well known for being able to request the correct adjustments to get the most of the car.
Two-time Formula One champion Fernando Alonso was unhurt in a minor plane accident Sunday after his private jet hit a wall at the Malindi Airport in Kenya. No one was hurt in the incident. Alonso was vacationing with his family in Africa. Alonso stayed at the Lion in the Sun hotel, which is owned by Renault team boss, Flavio Briatore.
