Saved! Renault spared the chopping block

Resident Columnists

Written by Kate Walker

Friday, 11 December 2009 14:29

Circuit Breaker is in serious danger of turning into a Renault zone, what with the number of Renault-focused stories to feature on this page in recent days.

But far be it from me to ignore the news that Renault have been saved by a mystery buyer, and will continue to race in some form throughout the 2010 season.

The BBC are currently reporting sketchy details about the redemption of Renault; apparently staffers will be briefed on Friday, with an official statement expected next week. According to the Beeb, Renault will hold a minority stake in the team of around 25 percent, although the identity of the majority shareholder is still under wraps. Reports this week have claimed that there are four interested parties, although only two have been named. Regular readers will remember that Prodrive's David Richards was the first to enter the frame.

The other named possible buyer is businessman Gerard Lopez, who is thought by many to be the preferred option of the Renault board. The race squad in Enstone are believed to favour Richards. If Lopez is named as the buyer, a number of pieces would conveniently slot into place. Among Lopez's many business interests is Gravity, an agency which manages a number of drivers. One of them is Ho Ping Tung, who was recently given a slot at the recent young driver tests at Jerez by Renault over some more likely contenders.

Gravity are rumoured to be signing Japanese newbie Kamui Kobayashi, meaning that a Lopez purchase of Renault could lead to a seat for the exciting young driver. In fact, the saving of Renault could lead to a further firming up of next year's grid, which has been unusually slow to form. Given that next year's car will be a Renault – the team name could yet change, but current reports indicate it probably won't – it seems likely that Robert Kubica's contract with the team will stand.

The possible collapse of Renault meant that Kubica was one of those widely considered to be a strong contender for the vacant seat at Mercedes GP. With him now presumably out of the picture, the options become more limited. While Schumacher's name is still being mentioned in connection with the seat, I will remain unconvinced until an official announcement is made. While Norbert Haug originally said we could expect an announcement before Christmas, but he's since changed his tune to the New Year. Nick Heidfeld and Heikki Kovalainen are both available, but Mercedes could yet surprise us all with a dark horse.

As regular readers of these pages will attest, Renault have been looking for a way out of Formula 1 for quite some time. Signing the Concorde Agreement earlier this year bound the team to the sport until 2012, and to break that bond would have cost a considerable amount of money. Despite this, the need to back away from a sport that was no longer aligned with the French manufacturer's core values – which have been getting increasingly greener on the road car side – became ever more pressing. The financial climate was a major contributing factor, as many outside the sport see Formula 1 as an ostentatious financial Hoover. Not a good image these days.

Selling an interest in their team allows Renault to abide by the terms of the Concorde Agreement while gradually reducing their visible involvement, and with it the associated cash. Joe Saward has previously reported that Lopez is believed to be the Renault board's preferred buyer in no small part due to his willingness to allow the team to keep their name for the next two years, while owning only a quarter of it.

I don't know what the reaction will be at Enstone – that will depend on who is named as the buyer: Richards, Lopez, or one of the two as yet unnamed but interested parties. Whoever the named buyer turns out to be, there will be sighs of relief in Paris tonight as Renault executives can relax in the knowledge that they appear to have scored the hat-trick. They have reduced their financial involvement in Formula 1, evaded what could have been a sizeable fine for violation of the Concorde Agreement, and managed to do both while achieving that most fundamental of business aims – saving face. by Kate Walker for Girlracer Magazine www.girlracer.co.uk