renault f1 team
Mangrove

Co-founder of Mangrove Capital buys 75% stake in Renault F1 Team, saves it

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YouTube co-founder Chad Hurley is not the only familiar name in tech with a financial interest in Formula One.

Yakov over at Quintura lets us know that Genii Capital, a Luxembourg-based investment firm run by Eric Lux (CEO) and Gerard Lopez (Chairman), has acquired a majority stake in Renault F1 Team – 75% according to BBC Sports.

The letter of intent signed by the two companies should be concluded in early 2010.

In case the name Gerard Lopez sounds familiar but you can’t quite put your finger on it: the man is co-founder and managing partner of Mangrove Capital Partners, an early investor in Skype, Nimbuzz, Jamendo, Seatwave and others.

This is what we call ‘just in time': the deal secures the team’s future as Renault was about to drop out of Formula 1 entirely after 35 years in the sport.

The French car company, which will retain a minority stake of 25%, will now keep running the racing team in partnership with Genii Capital. Renault will retain 100% control over its engine manufacturing base in Viry-Chatillon and keep supplying engines to Red Bull in 2010.

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