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Carmaker Renault considers buying back F1 team – report

French carmaker Renault SA is reportedly considering buying back a majority stake in the formula one team that bears its name.

Amid the car sales crisis and economic downturn, and the damaging crashgate scandal, Renault sold a rumoured 85 per cent of the Enstone based team last year to Luxembourg-based investment firm Genii Capital.

With its new owners, Renault F1 has fared better than expected in 2010, culminating in Robert Kubica’s strong performance and third podium of the season so far at Spa-Francorchamps last weekend.

Finland’s Turun Sanomat claims that Renault SA’s financial situation has dramatically improved to the point that the carmaker is interested in returning wholeheartedly to F1.

The rumour ties in with ongoing speculation, also once again alluded to at Spa by new team boss Eric Boullier, that Kimi Raikkonen could return to formula one next year with Renault.