Lopez confirms interest in Renault F1 team
Your support helps us to tell the story
As your White House correspondent, I ask the tough questions and seek the answers that matter.
Your support enables me to be in the room, pressing for transparency and accountability. Without your contributions, we wouldn't have the resources to challenge those in power.
Your donation makes it possible for us to keep doing this important work, keeping you informed every step of the way to the November election
Andrew Feinberg
White House Correspondent
Entrepreneur Gerard Lopez has today confirmed his interest in purchasing Renault's Formula One team.
Lopez is co-founder and managing partner of the Luxembourg-based Mangrove Capital Partners which is one of Europe's leading venture capital firms.
He is also involved in driver management via the Gravity sports organisation which looks after several promising young racers.
Lopez faces competition, however, from former Benetton and BAR team principal David Richards, while it is understood two other figures are also in negotiations with the French manufacturer.
Speaking at the Motor Sport Business Forum in Monaco regarding his interest, Lopez said: "We are very opportunistic.
"We have been in F1 for quite a while as friends to lots of people there, we have done some business in the environment, and never thought about getting more heavily involved than that.
"The situation is such now that it presents an opportunity for new teams or new investors in a time, not of uncertainty, but of change. We are in the middle of times of change.
"We have looked at one other opportunity, and that is about it.
"We believe there is a chance now to enter the sport and build on a platform that will reinvent itself, and we can be part of that reinvention."
Assessing his plans for Renault, he added: "It would be very different from a start-up team.
"If we were to do a deal with Renault, we would still be basing ourselves as a constructors' team, but it will be a different kind of business.
"For us, it is important to confirm the stability over time.
"The business opportunities should rely not on making more out of the team, but it should be about making money out of the business platform we have."
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments