Renault set to buy Benetton

According to industry sources, the Italian clothing group is expected to confirm the sale on Thursday.

Chief executive of the Benetton team, Rocco Benetton, said last month that the group would like closer ties with Renault, saying that a future partnership between the two seemed inevitable.

A source close to the team told Reuters: "Benetton will announce today it is selling its Formula One team."

A press conference is scheduled on Thursday afternoon to announce further details.

Speaking to AUTOSPORT this week, Rocco Benetton said: "We want to be part of F1 for the next few years, that is important to us.

"Nothing is done, but my job since 1998 has been to get Renault back.

"I'm always interested in a way to get Renault involved. For them to be that, they need to be fully involved in a team."

Ex-Benetton chief Flavio Briatore - who runs the Supertec company through which Renault supplies its customer engines to F1 team - is also believed to have been keen for his partner to buy the racing team.

Alex Wurz and Giancarlo Fisichella are the team's Formula 1 drivers.