From GMM

Renault announced on Wednesday it is selling a "large stake" of its Enstone based formula one team.

As was expected, the buyer is Luxemburg-based Genii Capital, headed by Gerard Lopez, which will "operate the team together" with the French carmaker, it was confirmed in a press statement.

A letter of intent has been signed and the deal "should be concluded in early 2010", Renault added.

It was also confirmed that the team will keep its name in 2010, while Red Bull will continue to be powered by the Renault engines that are built at Viry-Chatillon.