Renault to announce F1 future on Wednesday

Renault has confirmed reports it will announce its future in formula one on Wednesday.

The French carmaker said team figures will front a press conference in Paris “to present the position of Renault in formula one”.

The Finnish newspaper Turun Sanomat cited sources in reporting that the group headed by Gerard Lopez has won the race to buy the 75 per cent shareholding.

It is believed Renault, to stay engine supplier to Red Bull, will retain a 25 per cent share of the Enstone based team, including the naming rights at least in 2010.

It is further expected that Ho-Pin Tung, who tested the R29 recently at Jerez, will be Robert Kubica’s teammate, due to his links to the Gravity sports management outfit.

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