Renault says it is staying in Formula One and has entered a strategic partnership with a private investment firm.

The French car company says that next year, the team “will retain its name, its identity and the core ingredients that led to the successes achieved in 2005 and 2006.”

Renault says that following the proposed sale of a “large stake” in the team to Luxembourg-based Genii capital, “both partners will operate the team together.”

The company did not specify the size of the proposed stake in the announcement on Wednesday.

Renault’s reputation was recently damaged by a crash scandal that led to former team principal Flavio Briatore’s indefinite ban from the sport.

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