Renault to continue in Formula One

A deal has been reached which will see Renault continue to compete in Formula One.

The company has been considering pulling out of the sport all together, but a deal whereby the team is taken over by new owners with Renault keeping a 25 % shareholding.

The team will keep the Renault team for next season according to the BBC F1 website and the sale is expected to be confirmed later with Luxembourg business man Gerard Lopez the favourite to take over.

Discussions have been taking place at Renault all this week, with the decision said to have been reached on Wednesday.

Details of the takeover are sketchy, including the fact that Renault has already signed Polish driver Robert Kubica as lead driver, but it is understood that the Pole has a get-out clause if the team is sold.