As expected, Renault F1 team sold; Kubica’s status unknown

The Renault F1 team will live on under new owners, but it may not include lead driver Robert Kubica.

The main news comes via Renault:

Renault has decided to maintain its commitment to Formula One and welcomes the perspective of a strategic partnership with Genii Capital, a Luxemburg based firm specialized in new technologies, brand management and motor sport. Following the proposed sale of a large stake of Renault F1 Team to Genii, both partners will operate the team together. The letter of intent signed by the two companies should be concluded in early 2010.

In 2010, the team will retain its name, its identity and the core ingredients that led to the successes achieved in 2005 and 2006. The team will continue to be supplied with engines by its sister company in Viry-Châtillon, which is also pleased to have received a renewed commitment from Red Bull Racing for the 2010 season.

[snip]

Bernard Rey, Renault 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 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.”

Indeed, in making such a decision, Renault not only demonstrates its commitment to its fans across the world, its employees in Enstone and in Viry, and the FIA, FOA and FOTA but it also believes in the positive impact of promoting relevant technologies in synergy with its product plan. “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” said Bernard Rey, Renault F1 Team President.

There’s that “green” tint to Formula 1, again. I’m not sure any of us — including those running F1 — really have figured out what “greening” F1 really means. And it certainly flies against what BMW said when it pulled out of the sport, supposedly to turn its focus more on new, environmentally friendly car technologies.

For a little further information, the BBC rounds this expected bit of news nicely:

The company had considered quitting F1, but the team will continue under new owners with the French car company retaining a minority 25% shareholding.

Luxembourg-based investment firm Genii Capital will own the rest and share the running of the team with Renault.
Lead driver Robert Kubica is not yet certain to stay following the deal.

Renault has signed the highly rated Pole to replace double world champion Fernando Alonso, who has moved to Ferrari, but Kubica’s manager Daniele Morelli told BBC Sport it was “not automatic” he would be driving for the team under the new arrangement.

The design team under technical director Bob Bell will remain the same.

But Bell, who was acting team principal for the final four races of the season following the departure of Flavio Briatore in the wake of the Singapore race-fixing scandal, will be replaced by a new team boss.

Renault said it had reached an agreement for a “proposed sale of a large stake of the Renault F1 team to Genii” and that they would operate the team jointly.

BBC Sport understands Genii, run by businessmen Eric Lux and Gerard Lopez, will own 75% of Renault’s chassis design and construction base in Enstone in Oxfordshire.

Renault will retain total control over its engine manufacturing base in Viry-Chatillon on the outskirts of Paris.
Renault also said it would continue to supply engines to Red Bull in 2010.

Lopez beat David Richards – the boss of the British motor racing engineering firm Prodrive and former team principal of Benetton and BAR in F1 – to a deal with Renault.

It is understood that Renault believed the Genii deal, which is a new arrangement for a road-car manufacturer in F1, better suited its future aims – which remain unclear.

The company felt it was not able to quit F1 having last summer signed legally binding documents committing it to the sport until 2012.

Lots to unpack there, beginning with Kubica. Where will he go? To USF1? It seems like this news came a few days too late for the Polish driver. I’m not sure what his options are, but it is probably a smart management move to digest this news carefully.

At the same time, is Robert new to F1? Had he not heard of Singapore 2008? Was the team’s boss not kicked out of F1 earlier this year? Did the team not seem a little shaky, even with its supposed commitment to the sport?

I suppose we might just see a Sauber team with the same lineup as BMW had.

The second bit to pull apart, which is easier, is that Renault will continue to supply Red Bull, if Red Bull will have them at this point. I think we’ll need to watch how that all comes together.

Finally, there’s the idea that Renault could get back fully into the sport. That seems like another strange twist here; why would this capital group come in for a short time? Or perhaps the arrangement would give Renault a 51% stake in the future? Either way, I think we can optimistically look at the deal as another sign of investors who see F1 as a good place to put their money.

Share on Facebook