Renault To Continue Racing in F1

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.

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