Renault met in Paris a few days ago to discuss the future of the Formula 1 team amid growing speculation about a possible sale to David Richards. The French car manufacturer has been surrounded by rumors for several months because the group is reportedly looking to offload its F1 operations by selling them to an interested buyer. These rumors intensified further when Renault CEO Carlos Ghosn questioned the usefulness of the company being involved in the sport.<\/p>\n
\u00ab F1 is one of the most watched spectacles in the world, \u00bb he stated in an interview with Forbes<\/i> magazine. \u00ab We are facing some challenges: How to marry F1 with environmental concerns. Can you emit at zero level? So there are many questions about F1. \u00bb<\/p>\n
He added: \u00ab I notice that over the past year, three car manufacturers have bowed out of F1. Three in one year! This means there are many issues we need to resolve. \u00bb<\/p>\n
Renault is evaluating its future plans since the end of the season, and some sources suggest that one of the most serious solutions being considered is the sale of the team to Prodrive, owned by David Richards. Prodrive has long held ambitions in F1, having approached McLaren-Mercedes a few years ago. Richards was not available to comment on this information.<\/p>\n
However, a Prodrive spokesperson stated: \u00ab We cannot comment on Renault’s situation, but it is well known that our intention is to return to F1. We proved our credibility earlier this year when we submitted a strong application for entry. However, with an engine agreement with Mercedes-Benz, we were not ready to sacrifice our competitiveness. \u00bb<\/p>\n
If the Executive Council decides to sell the team to Prodrive, then the decision will still need to be ratified by Renault’s main board, which is scheduled to meet next week. Sources have also suggested that G\u00e9rard Lopez, from Mangrove Capital Partners, would also be involved in a future transaction with Renault after having discussions with the French car manufacturer since last year.<\/p>\n
Lopez owns the company ‘Gravity Sports’, which manages several drivers like J\u00e9r\u00f4me d’Ambrosio, Adrien Tambay, and Ho-Pin Tung, who tested for Renault in Jerez this week. Despite the uncertainty about its future, Renault continues to work hard in its preparations for 2010. The team recently undertook a reorganization of its technical team in order to strengthen its activities for next year.<\/p>\n
According to the Parisien<\/i>, sources have revealed that Lopez intends to take between 75 and 100% ownership of the Renault team if his bid is successful. In addition, Lopez has agreed to integrate the Renault Driver Development Program into his management company ‘Gravity Sports’ if he takes control of the team. The CEO of Renault, Carlos Ghosn, is said to favor this option for the future, particularly because it has the blessing of the Formula 1 financial chief, Bernie Ecclestone.<\/p>\n
Ecclestone stated to the Times<\/i> on Friday that he was confident a solution would be found to keep the Renault team in F1: \u00ab We are working on securing Renault’s future. I am confident that we will see Renault next year in Formula 1 under the Renault name and the following year the same, and the year after that as well. \u00bb<\/p>\n","protected":false},"excerpt":{"rendered":"
Renault met in Paris a few days ago to discuss the future of the Formula 1 team amid growing speculation about a possible sale to David Richards. The French car manufacturer has been surrounded by rumors for several months because the group is reportedly looking to offload its F1 operations by selling them to an […]<\/p>\n","protected":false},"author":5,"featured_media":42809,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,1749],"tags":[1341],"class_list":["post-22977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-f1","category-news","tag-renault"],"acf":[],"yoast_head":"\n