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Renault considering rival bids for team

Genii-backed Ho-Pin Tung tested for Renault at Jerez © Sutton Images

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Renault appears to be considering two rival bids to takeover its Formula One operation; one from Prodrive - as reported by ESPNF1 this week - and another from a Luxembourg investment fund called Genii Capital.

The French car manufacturer is looking for a solution that won't breach the Concorde Agreement - currently binding the team to the sport until 2012 - but will allow it to significantly reduce its spending on F1. It is understood Renault plans to sell its Enstone factory and 2010 grid slot but remain in the sport as an engine supplier.

Its executive committee met on Thursday to discuss a potential deal, but will reconvene for a full board meeting and final decision next week. The talks will be lead by company CEO Carlos Ghosn, who has long been sceptical about the value of the manufacturer's involvement in the sport.

Genii's bid is being put together by Gerard Lopez who currently holds an interest in sports management company Gravity. Gravity handles a number of up-and-coming drivers including Ho-Pin Tung who recently tested for Renault in Jerez. Tung's manager Bert Winkler confirmed the connection between his driver, Renault and Genii when talking to the Dutch website Formule1.nl.

"That is the reason Ho-Pin was allowed to test," he said. "This is an exciting time for us. Should they [Genii] really support the team, a future for Ho-Pin in Formula One would be possible. A lot of things now have to fall into place. It's time now to cross the fingers and hope the coin lands on the right side."

F1 CEO Bernie Ecclestone believes a solution for Renault will be reached soon. He said he was involved in the discussions and - keen to stop a fourth manufacturer leaving the series in just one year - was backing a positive outcome for the team.

"We've got to get the whole Renault thing sorted out," he told The Times. "We are in the middle of doing it now. I feel confident that we'll see Renault next year in Formula One under the name Renault, and the year after that, and the year after that."

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