Renault Selling Stake in Its F1 Team to Malaysia's Proton

French carmaker Renault SA is about to sell its remaining 25 percent stake in its namesake Formula One team to Malaysia’s Proton, Le Figaro reported, citing people close to the matter it didn’t identify.

Proton’s Lotus Cars brand will be the team’s sponsor for about 30 million euros ($41 million) annually over five years, and the team’s new name may be Lotus-Renault as the French automaker will keep providing engines, Le Figaro said.

Renault will also continue making engines for Red Bull Racing and Malaysia Racing Team, the report said.

Renault last winter sold 75 percent of the team to Genii Capital Partners, Le Figaro said.-bloomberg.com