Renault to stay in F1; TW Steel sponsorship to go ahead

First published: 11-12-2009

Renault F1's future is no longer subject to doubts, with the racing team announcing that it will be in next year's championship after striking a deal with investors.

The firm will retain a 25 per cent minority shareholding but it is unclear as to who has officially taken over, though it signals a departure from last month's worries after the company held an emergency board meeting to discuss its future in the sport.

Many may have not been surprised by the possibility, after Toyota and BMW pulled out of the championship in autumn, though the decision will mean that TW Steel's sponsorship of the team will continue.

In October, Jordy Cobelens, the chief executive officer of TW Steel, said that Formula One is a great place to have the brand as it appeals to young and ambitious people, reflecting the company as a whole.

He continued: "The partnership brings great value for both the Renault F1 Team and TW Steel and confirms the team's positive outlook for the years ahead. I have no doubt that we will enjoy an exciting and successful future together."

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