Renault Confirm Genii Capital Investment
Renault have confirmed that Luxembourg based investment company Genii capital have invested into the team.
The widely predicted move comes as Renault look to distance themselves a little from Formula One investment following the crash-gate scandal which deeply affected their image during last season.
The manufacturer will retain a portion of the company, and its name and brand will still be used on the cars. However it is widely believed Genii Capital hold a controlling stake within the team which will continue to be based in Enstone, Oxfordshire. Genii are being described by Renault as a strategic partner.
Renault engines will still be supplied to Red Bull Racing, the takeover will not affect their customer engine supply.
Bernard Rey, Renault’s 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 1. Today’s announcement also confirms Renault’s commitment and trust in the sport’s governing bodies to improve the green credentials of Formula 1.
“With the ongoing evolutions of the Formula 1 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.”
Eric Lux, CEO of Genii Capital, said: “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 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.”