Renault's 2009 F1 car.

Renault look almost certain to sell a controlling stake in their Formula One team to David Richards, the owner of Prodrive and chairman of Aston Martin, who plans to run the outfit from Renault’s existing factory in Oxfordshire and continue to race them under the Renault banner, The Times reports.

In a move that is designed to relieve Renault of the increasingly onerous financial and management responsibility of running their own team, but also spare Formula One the loss of yet another car manufacturer, a complex partnership deal has been negotiated that suits Richards, Bernie Ecclestone, the Formula One commercial rights-holder, and Renault.

There was no official word on the development yesterday as the French car manufacturer’s executive committee met in Paris to discuss a change of ownership that is expected to be confirmed by Renault’s main board, led by their chief executive, Carlos Ghosn, next week. Richards was also unavailable for comment.

Richards, who previously ran the Benetton and BAR teams and has been keen to re-enter the Formula One fray, will become the figurehead of the new team from the start of next season after secret negotiations that have been continuing for two months.

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