Renault Sport has decided to return to Forlula 1 as of 2002 under its own colors.

Renault yesterday finalized the purchase of the Benetton Formula Limited team for a total of $ 120 million in order to pave the way for its return to the Formula 1 World Championship in 2002, when the manufacturer will compete under its own colours with a full chassis and engine package. After dominating the world of Formula 1 from 1992 to 1997 as an engine supplier (six constructors' world championship titles and five drivers' world championship titles), Renault has set itself a new challenge. It aims to win the Formula 1 World Championship with a Renault designed single-seater. Renault's involvement in this sporting arena will accelerate the company's international development, in terms of brand image and recognition, as Formula 1 moves into new territories.

After a period of two years during which it has been closely monitoring technological developments, Renault has decided to return to Formula 1 as of 2002. The manufacturer has set itself the ambitious challenge of being once again victorious in this sporting discipline, but this time with a full team (chassis + engine) and under its own colours. To carry out this project, Renault purchased on March 15 Benetton UK, which owns Benetton Formula Limited. The total cost of the transaction amounted to $120 million. Located near Oxford, this Formula 1 team, which won the World Championship on two occasions in 1994 and 1995, employs 315 people and has top-rate technical facilities, including an ultra-modern wind tunnel.

The Benetton team was an obvious choice for Renault, not only because of the titles it has won in the past, but also due to the shared expertise and the quality of the relationship uniting the employees of both companies.

The Chairman of the new entity formed around Renault Sport will be Patrick Faure, also Chairman and C.E.O. of Renault V.I.. The entity will be divided into two units. The "Formula 1 engine development and racing" activity, located at Viry-Chatillon, will be headed by Christian Contzen, General Manager of Renault Sport. The "chassis" activity, based in Enstone, in the U.K., will be headed by Flavio Briatore, who will, in addition, become Team Manager as of the next Grand Prix.
Renault will put the 2000 and 2001 seasons to good use by developing a new single-seater and a new generation of V10 engines featuring innovative technology. During this transition period, the team will compete in the Formula 1 World Championship under the name of Benetton Supertec and its current partners. The Renault name will only appear on the single-seater from 2002.

Renault's involvement in Formula 1 will develop the company's global image. Formula 1 Grand Prix events attract a viewing audience of some 30 billion people worldwide over a full season. This flagship of motorsport conveys an image of technological excellence in those countries in which Renault is already operating. It should also contribute to raising brand awareness in markets in which Renault intends to develop its presence in the future.

With eleven world Formula 1 titles already to its credit as an engine supplier, Renault is taking up this new challenge of winning with a 100% Renault single-seater. It is the only major title now missing from the brand's sporting achievements.
Louis Schweitzer, Chairman and Chief Executive Officer of Renault, made the following comment: "I said we would return one day to Formula 1. It is the pinnacle of motorsport, a school of excellence for responsiveness, agility, technological skills and the ability to surpass oneself. I believe today that a Renault team has the capacity to win the World Championship and I have every confidence in the men and women of Renault Sport."