London, Dec 11 (DPA) The Renault team will continue in Formula One racing but the French carmaker will only be a minority shareholder in the future, British news reports said Friday.
The reports said that the team was due to be informed later Friday with an official announcement probably made next week. Renault are reportedly only keeping a 25 per cent share of the team.
It was not yet known who will take over the team, but Luxembourg businessman Gerard Lopez and Briton David Richards are considered the favourites from four candidates.
Richards presides over the Prodrive motor racing engineering company and is a former boss of the Benetton and BAR F1 teams.
But Lopez is considered the favourite to take over Renault with investment company Genii Capital.
Renault are assured of a place on the 2010 grid even though the French company reconsidered its F1 future last month. The main team sponsor, the ING bank, has also quit.
The move comes after a disappointing season and a major scandal when team boss had to leave after revelations that he was involved in telling former driver Nelson Piquet Jr to crash his car at the Singapore GP next year.
In addition, star driver Fernando Alonso has departed for Ferrari.
Robert Kubica of Poland is confirmed as a new driver and he may team up with Nick Heidfeld again like at BMW-Sauber as the German is also considered a candidate.
Renault is cutting down its F1 budget after Honda, BMW and Toyota quit the sport over the past 12 months over the world economic crisis.