Renault to sell F1 team, become engine supplier only

Rumor has it that Renault now plans to sell its entire Formula 1 team and two seriously interested parties may buy it.

Supposedly Renault wanted to sell a maximum of 49 percent of the shares and continue to remain in control of the team, but 'Motorsport Aktuell' reports that the French manufacturer may move for a complete sale of the factory racing team but Renault could remain as a for-profit engine supplier.

The two interested parties are rumored to be Luxembourg entrepreneurs Gerard Lopez (CEO of investment firm Mangrove Capital) and Andrei Krajnik (Regional representative of Renault sponsor MegaFon. The telecom giant is also an important partner of the Olympic Games 2014 in Sochi.) Krajnik, the owner of a construction company, apparently wants to build a Grand Prix circuit near Sochi.

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