According to reports, the team will participate in the competition next year, but under new ownership. Renault will keep a stake in the team.
Renault was widely tipped to follow some of its fellow car marques and leave the competition to focus on its domestic cars. Last month, the company held an emergency board meeting to discuss whether to continue in F1.
The team had been dogged by controversy all through 2009’s F1 campaign. It was found guilty of fixing a race in the 2008 Singapore night race, which saw them receive a two-year.
Team boss Flavio Briatore and engineering director Pat Symonds were banned from motorsport for their part in the conspiracy. Two of the team’s major sponsors, the Dutch bank ING and the Spanish insurance company Mutua Madrilena ended their relationship with the team with immediate effect following the ruling.
It is unclear who will be driving for the marque’s F1 team. Its former lead driver, Fernando Alonso has moved to Ferrari.
The company’s most recent sponsorship deal saw TW Steel, the Dutch watch firm, has become the first brand to sign a sponsorship deal with Renault F1 since the team was involved in the race-fixing scandal.