Renault officially announced that remain in Formula 1, despite the fact that he sold majority stake to fund capital investments Genie, planning to supply engines to Red Bull Racing in 2010 season.

Manufacturer Renault has officially confirmed Wednesday plans about the future or in Formula 1, in a press conference held in Paris.

As anticipated a few days in the international press, Renault sold its majority stake to fund capital investments Genie owned by businessman Gerard Lopez Luxembourg. However, Renault will continue to compete in F1 under the name Genie Capital following to be a strategic partner of the team and the transaction will be completed early next year.

Furthermore, Renault will continue its partnership with Red Bull Racing to supply engines, these will be built at Viry-Chatillon factory, and units for the same team that made the mother.

“I am thrilled that Genie Capital is our new strategic partner and are sure that their enthusiasm will create a new dynamic to the team, employees and partners. Together we want to compete at the highest level in F1,” said Bernard Rey, president of Renault Sports.

Renault did not mention the percentage of shares acquired Genie Capital or its value, but the international press speculated that it is a majority stake of 75%. But the French manufacturer has justified the decision to sell part of Formula 1 team by the fact that this step is essential to continue participation in the competition with an acceptable cost levels for Renault.

On the other hand, speculates that the decision of the Renault of not fully withdrawing from Formula 1 is related to compliance with the Concorde Agreement which guaranteed this season in the competition until 2012 inclusive.