Renault considering buyout bids
Renault is evaluating two rival bids to take over its Formula 1 team and may announce a change of ownership as soon as next week, according to sources in France and the UK.
Following recent sceptical remarks about the value of F1 from CEO Carlos Ghosn, the French manufacturer is reportedly seeking an exit strategy that will allow it to leave the sport without breaching the Concorde Agreement, which binds it to participate in the world championship until 2012.The obvious way of doing that would be to sell the team as a going concern, and the French press is reporting that there are two potential buyers: David Richards, the owner of Prodrive and chairman of Aston Martin, and a Luxembourg-based private investment firm called Genii Capital.Renault has made no official comment on its plans and the Enstone-based squad is continuing to prepare for next season as normal, but the company's executive committee met in Paris on Thursday to discuss the team's future.
Source: Renault considering buyout bids
Following recent sceptical remarks about the value of F1 from CEO Carlos Ghosn, the French manufacturer is reportedly seeking an exit strategy that will allow it to leave the sport without breaching the Concorde Agreement, which binds it to participate in the world championship until 2012.The obvious way of doing that would be to sell the team as a going concern, and the French press is reporting that there are two potential buyers: David Richards, the owner of Prodrive and chairman of Aston Martin, and a Luxembourg-based private investment firm called Genii Capital.Renault has made no official comment on its plans and the Enstone-based squad is continuing to prepare for next season as normal, but the company's executive committee met in Paris on Thursday to discuss the team's future.
Source: Renault considering buyout bids
