Zeenews Bureau
Paris: The Renault Formula One team, according to reports, has decided to stay in the sport till atleast the next season in 2010.
In a meeting held yesterday, it was also decided to sell most of the team as part of the deal.
Earlier, Luxembourg-based businessman Gerard Lopez made clear his interest in a possible takeover of the Renault Formula One team on Wednesday.
Lopez is the founder of technology investment company Mangrove Capital Partners, an early investor in Skype, and chairman of Genii capital.
Formula One's commercial supremo Bernie Ecclestone identified him on Monday as one of four separate parties interested in taking over the former championship-winning team.
"We see the whole environment as providing an opportunity," Lopez told a motorsport business forum in Monaco where he was appearing as a guest speaker.
"We've been involved in Formula One for some time as friends for some people, but never thought about getting more heavily involved than that," he added.
"The situation is such right now that it provides an opportunity for new teams and new investors - it's not a time of uncertainty but a time of change.”
First Published: Friday, December 11, 2009, 12:48