PARIS — Renault is expected to formalize the sale of majority ownership of its Formula 1 racing team this week, ensuring that the team will continue competing in the world Grand Prix series.
Confirmation is expected this week of details of acquisition of most of the team by an as-yet-unidentified buyer. Businessman Gerard Lopez and David Richards, leader of the Prodrive racing company, are the rumored front runners.
According to reports, the team will continue to compete under its present identity, despite Renault's descent to minority ownership.
Renault plummeted from the summit of Formula 1 racing over the past three years, coming close to expulsion from the sport after it admitted to charges of race fixing in the 2008 season finale. Flamboyant pit boss Flavio Briatore was banned for life, and veteran engineer Pat Symonds was suspended from participation for five years.
The French automaker's leaders held an emergency meeting in November to discuss the status of its racing team, which has had less than enthusiastic support from CEO Carlos Ghosn. There were questions whether the embattled team would withdraw from the sport.
The status of the team weighed heavily on the driver lineup for 2010, with one of the sport's rising stars, Polish driver Robert Kubica, having signed to drive for Renault in the coming season.
After winning back-to-back championships in 2005-'06 with Spanish driver Fernando Alonso, Renault's fortunes took a turn for the worse when Alonso jumped to McLaren-Mercedes in 2007. The stint was short-lived, however, and Alonso returned to Renault in 2008.
The team had made some gains in regaining competitive form, but revelation of the race fixing that resulted in Alonso's victory in the 2008 Singapore Grand Prix tarnished the team's image.
In other F1 news, speculation continues to mount that seven-time F1 champion Michael Schumacher will come out of a two-year retirement to drive for Mercedes Grand Prix, the reigning champion team previously named Brawn GP. Schumacher teased F1 fans last year when he made an effort to replace the injured Felipe Massa, but could not because of lingering effects of a motorcycle accident.
Inside Line says: With Honda, BMW and Toyota all having abandoned the sport in the past 12 months, retention of the Renault name is a plus for F1. — David Green, Correspondent
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