The Renault F1 team has issued a firm commitment to maintain its presence in Formula One. A statement issued today confirmed the team have sold a large stake to Luxemburg based Genii Capital, securing the long term future of the operation.

Renault has decided to maintain its commitment to Formula One and welcomes the perspective of a strategic partnership with Genii Capital, a Luxemburg based firm specialized in new technologies, brand management and motor sport. Following the proposed sale of a large stake of Renault F1 Team to Genii, both partners will operate the team together. The letter of intent signed by the two companies should be concluded in early 2010.

Genii Capital are rumoured to be buying 75% of the team which will keep the Renault branding, name and identity, and will be concentrating on cutting costs for the immediate future. Bernard Rey, Renault's F1 team president, said:

Altogether, we look forward to competing again at the highest level in Formula One. Today’s announcement also confirms Renault’s commitment and trust in the sport’s governing bodies to improve the green credentials of Formula One.

- Bernard Rey

The press release also confirmed that Red Bull Racing will continue to use Renault engines next season.

Update: Robert Kubica's manager Daniele Morelli told BBC Sport that having heard the news he has outstanding questions relating to the sale of a stake in Renault F1.

We would like to know about Genii Capital and who is doing what in the team - a partner can be a sleeping partner or a controlling partner.

The cards have changed in respect of when we signed and it's important Renault give us full information.

- Deniele Morelli

Kubica is currently the only driver confirmed with the team for the 2010 season.