Genii aims for Renault resurgence
|By Jonathan Noble
||Wednesday, December 16th 2009, 11:42 GMT
Renault's new partner Genii Capital is confident that it can give the French car manufacturer the support and finances it needs to return to the top in Formula 1.
The Luxembourg-based investment firm has acquired a large stake in the Renault F1 team, and believes its involvement in the sport will offer it the chance to bring new technologies from other sectors it is involved with to the Enstone-based outfit.
Eric Lux, CEO of Genii Capital, said: "We are delighted to have been selected as Renault's strategic partner for the Renault F1 Team. Our long-term vision for this challenging venture aims to return Renault to the forefront of Formula 1.
"Together with Renault, we intend to run the team with the same values as any of our other investments, prioritising ambitious performance targets without neglecting cost efficiency. We strongly believe that on-track performance can be compatible with business performance, and we will use all our entrepreneurial spirit and commercial know-how to achieve this goal."
Genii Capital will use other areas of its business involvement to further shore up Renault's future, which is set to include merging Renault's Driver Development programme with its own Gravity Sports Management company.
Gerard Lopez, managing partner at Mangrove Capital Partners and board member of Genii Capital: "This is a period of opportunity for Formula 1, not a period of uncertainty.
"Formula 1 has an extraordinary level of global awareness that can be used to develop new business-to-business opportunities in traditional and developing markets, and there are exciting new revenue streams to be explored."