Renault Stays On Formula 1 Grid In 2010

Unlike BMW and Toyota, Renault has committed to Formula 1 in 2010 thanks in large part to Luxembourg-based company Genii Capital Investment.

The highly confidential deal will be completed early next year, Renault said in a statement, and it will continue to be business as usual for the Renault F1 team. Insiders say Genii beat out rival Prodrive to the investment opportunity and took a hefty 75% stake in the outfit.

Pole Robert Kubica will remain as the team’s prized driver. A suitable teammate for Kubica is currently being evaluated, with China’s Ho-Pin Tung being a top contender for the seat. Tung is managed by Gravity, a company owned in part by Genii head Gerard Lopez.