Genii Capital takes over Renault team

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WhiteBlue
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Genii Capital takes over Renault team

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http://www.timesonline.co.uk/tol/sport/ ... 943398.ece?
Richards, who previously ran the Benetton and BAR teams and has been keen to re-enter the Formula One fray, will become the figurehead of the new team from the start of next season after secret negotiations that have been continuing for two months. The team are expected to be sold to him apart from a minority stake retained by Renault, but the formal change of ownership may not take place for 12 months. In the meantime, the team will probably retain their name, although it is also possible they might adopt a new title combining Renault with Prodrive.
The move would be beneficial to both parties. Renault would have difficulties to cut employment in line with the resource limiting agreement. Richards can do this easier as part of his ongoing concern. He is set to sell his Banbury premises and move his ProDrive organization to Enstone. Any surplus personnel would have job opportunities with ProDrive and potentially also with Aston Martin.

FOM have an interest to see the Renault name continue in the sport but it would be as a silent partner just getting brand exposure for equity in a mid term arrangement.

Obviously this is a win win situation for everyone. The FIA have been keen to get Richards on board but two attempts so far have failed because the situation always hit some show stoppers in the last minute. This could be the best opportunity for Richards to get a competitive team with minimum risk and expanditure while profit chances are pretty good.

There is a lot of synergy in the scenario and if Renault is to be replaced long term by Aston Martin FIA/FOM will love the deal as an extremely good solutions compared to Honda, Toyota and BMW's exit.
Last edited by mx_tifoso on Sat Oct 09, 2010 2:00 am, edited 4 times in total.
Reason: Renamed thread to be more specific
Formula One's fundamental ethos is about success coming to those with the most ingenious engineering and best .............................. organization, not to those with the biggest budget. (Dave Richards)

Confused_Andy
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Re: Richards set to take over Renault team

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Sounds good to be honest, Renault still in F1 & Prodrive who have been trying forever getting in, and getting back at Max for ignoring them for not wanting cossy engines.

I suppose if some how Kubica gets released from contract because of this an Brawn scoop him up, they could always try and get Hekki to drive for them, at least its someone who's experianced not a "new guy"...

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Re: Richards set to take over Renault team

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Confused_Andy wrote:Sounds good to be honest, Renault still in F1 & Prodrive who have been trying forever getting in, and getting back at Max for ignoring them for not wanting cossy engines.
I believe you are mixing something up. Richards and Mosley have enjoyed good relations over the years. The first attempt which was personally supported by Max Mosley was stopped by Frank Williams due to commercial reasons.

The second application this year fell through because ProDrive decided against the use of the mandatory Cosworth engine. They have commented after that decision that they do not agree with N-Technologies criticism and remain interested to join F1 at a later time.

It appears that this decision will have a satisfactory outcome after all. I am confident that the FIA under Todt will be equally delighted as it would have been under Mosley to see the team continue under Richards' guidance.

IMO the decision to require a number of Cosworth customers will be instrumental for the survival of F1 in the next years. At the moment we have three and very soon only two manufacturer teams in F1. The danger of those teams setting up an oligopoly would have been enormous. It would have been tremendously dangerous for the sport.
Formula One's fundamental ethos is about success coming to those with the most ingenious engineering and best .............................. organization, not to those with the biggest budget. (Dave Richards)

xpensive
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Re: Richards set to take over Renault team

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There are other reports however, first of all that MrM personally picked the new teams for two reasons only;

- The x-President's pathological power-hunger made him blind to reason.
- MrM has economical interests in Cosworth, why there is an ongoing EU-investigation on the matter.

Secondly, the Prodrive boss doesn't have good relations with MrM, nobody has, when he is a very disturbed personality.
"I spent most of my money on wine and women...I wasted the rest"

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Re: Richards set to take over Renault team

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xpensive wrote:There are other reports however, first of all that MrM personally picked the new teams for two reasons only
This not consistent with the known facts. The FIA ran a due diligence of the applications which involved external auditors. Their evaluations were used to make the decisions.
xpensive wrote: ... picked the new teams for two reasons only;

- The x-President's pathological power-hunger made him blind to reason.
......

Secondly, the Prodrive boss doesn't have good relations with MrM, nobody has, when he is a very disturbed personality
It appears to me that Mosley has a very analytical mind and clearly realized what had to be done. If he hadn't acted F1 would be in much deeper trouble by now without new teams to fill the grid. Having a sexual preference for sado/masochistic role play in private doesn't mean a person has a disturbed personality. It simply means he gets his kicks from different gigs than other guys. I don't criticise Ecclestone for having sex with a 50 year younger woman either, or Briatore for his pimp mentality. It is a personal thing that has nothing to do with their ability to perform in the job. Ambition and power is the name of the game in F1 and I see none of the leading figures of his time be it Montezemolo, Dennis or Briatore being any better in that regard.
xpensive wrote: MrM has economical interests in Cosworth, why there is an ongoing EU-investigation on the matter.
Perhaps you failed to notice that the law suit FIA vs N-Technology confirmed that the selection process was appropriate and correct. Please provide facts about an EU investigation. IMO that was nothing but a rumor or opinion of people what they would have liked to see. Please provide any data you have about Mosley's interest in Cosworth. I believe that accusation is completely unfounded.
Formula One's fundamental ethos is about success coming to those with the most ingenious engineering and best .............................. organization, not to those with the biggest budget. (Dave Richards)

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Re: Richards set to take over Renault team

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It is widely known that MrM was corrupt from first day as FIA president, he got a huge private kick-back from MrE to sell him the F1 commercial rights for a plate of beans.

Then he filled his bankaccount with italian EUR to manipulate rules and rulings to make sure they got a German World Champion every year. This is why the same German contemplates to come back with Mercedes, he knows that with MrT,
he can stick to his poor sportmanship and get away with it.
Last edited by xpensive on Fri Dec 04, 2009 8:59 am, edited 3 times in total.
"I spent most of my money on wine and women...I wasted the rest"

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Re: Richards set to take over Renault team

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It's widely known that you're going off topic.
- Axle

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Re: Richards set to take over Renault team

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Secondly, the Prodrive boss doesn't have good relations with MrM
thats a fact Mosely moved the goal posts last time round so all Richards work on a business model was made obsolete in one fell swoop to suit Mosely's needs/intentions. Im assuming Renault will still be able to continue their power plant supply to RBR and of course the new owner of the team.
The music business is a cruel and shallow money trench, a long plastic hallway where thieves and pimps run free and good men die like dogs - there's also the negative side' - Hunter S Thompson

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Re: Richards set to take over Renault team

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xpensive wrote:It is widely known that MrM was corrupt from first day as FIA president, he got a huge private kick-back from MrE to sell him the F1 commercial rights for a plate of beans.

Then he filled his bankaccount with italian EUR to manipulate rules and rulings to make sure they got a German World Champion every year. This is why he contemplates to come back with Mercedes, he knows that with MrT, he can stick to poor sportmanship and get away with it.
1. What has that to do with the topic or the above dispute?

2. Nobody has ever written such a thing but Tom Rubython who lost all his libel litigation and went bankrupt. This is ridiculous to the point that it deserves no answer. When you loose an argument you simply make more unfounded and unproven sensational accusations. I'm tired of that.

3. Would you please bring some facts to the forum to support your previous accusations on the topic of this thread.
"Exactly that was said to me," Richards told motorsport-magazin.com, "I must have a Cosworth engine if I wanted to be in the F1 world championship. However, I had an agreement with McLaren and thought that we would not be as competitive with a Cosworth engine, so I was not ready to change partner. If the regulations had meant, from the beginning, that we were only allowed in if we used such an engine, then I would have known the situation, but I do not believe that it is appropriate for those in charge of the sport to say such a thing."
This is simply a conflict where Richards wanted Merc engines and the FIA saw a need to require Cosworth due to the conflict with FOTA. ProDrive never sued the FIA or went to the EU over this issue. They simply decided to wait if the policy might change with the elections and an entry would be possible in 2011.
Formula One's fundamental ethos is about success coming to those with the most ingenious engineering and best .............................. organization, not to those with the biggest budget. (Dave Richards)

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Re: Richards set to take over Renault team

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I actually believe that MrM's resignation was a condition for true entrepeneurs such as Peter Sauber and David Richards to return, how could they invest in a business where the goalposts are constantly moved by a sexually deranged egomaniac?
"I spent most of my money on wine and women...I wasted the rest"

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Re: Richards set to take over Renault team

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xpensive wrote:the goalposts are constantly moved by a sexually deranged egomaniac?
:lol:

+1

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Re: Richards set to take over Renault team

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The economy moved the basic conditions of the sport and some team principals did not want to know about it. The FIA was only reacting to changes that threatened the existence of their championship. The exit of three or four manufacturer teams from F1 is changing the "goal post", not Mr. Mosley.
Formula One's fundamental ethos is about success coming to those with the most ingenious engineering and best .............................. organization, not to those with the biggest budget. (Dave Richards)

xpensive
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Re: Richards set to take over Renault team

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Of course it was MrM moving goalposts that drove the manufacturers away, V10s to V8s, grooved tyres in and out, limitless KERS-spending and budget-limits, then finally the diffuser-charade.

If you add his own version of "un-american activity" justice, no serious corporation would want anything to do with it.
"I spent most of my money on wine and women...I wasted the rest"

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Re: Richards set to take over Renault team

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Ted68 wrote:...but I found this and thought it was cool. Enjoy.
Image

Gulf Colours? Woo frigging Hoo!

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Re: Richards set to take over Renault team

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xpensive wrote:Of course it was MrM moving goalposts that drove the manufacturers away, V10s to V8s, grooved tyres in and out, limitless KERS-spending and budget-limits, then finally the diffuser-charade.

If you add his own version of "un-american activity" justice, no serious corporation would want anything to do with it.

Sorry, but I think that is typical Montezemolo bullshit. You are probably his brother in philosophy. Read the exit commentaries by the Honda, BMW and Toyota boards to understand the reality. Read the VW considerations for future participation as engine supplier!
Formula One's fundamental ethos is about success coming to those with the most ingenious engineering and best .............................. organization, not to those with the biggest budget. (Dave Richards)