To: StocksDATsoar who wrote (37258 ) 3/16/2000 12:47:00 PM From: Investor Clouseau Respond to of 150070
200mph, did you make an offer on this? :))) (COMTEX) A: Renault buys Benetton F1 team for dlrs 120 million A: Renault buys Benetton F1 team for dlrs 120 million MILAN, Italy, Mar 16, 2000 (AP Worldstream via COMTEX) -- Renault, the top Formula One engine maker of the 1990s, returned to F1 by purchasing the Benetton team for dlrs 120 million, Benetton said Thursday at a news conference. Benetton, the Italian clothing group, will retain a role as a sponsor for two years in a deal that was signed Wednesday. The move is the latest by a major automobile manufacturer buying all or part of an F1 team. Stewart Ford sold out last year to Ford, which renamed the team Jaguar. BMW also recently bought into the Williams team and Honda has teamed up with British American Racing. F1's top two teams are both associated with major auto builders -- McLaren Mercedes and Ferrari. 'Today globalization means that it must be the specialists in each sector who compete in their own market,' said Luciano Benetton, president of the Benetton Group. 'We have invested a great deal of effort in Formula One and it has brought us more satisfaction than we could have imagined. Now to guarantee the development the team deserves in this new scenario, it is appropriate to pass the baton to Renault.' Renault was the most successful engine supplier in the 1990s but dropped out of Formula One after the 1997 season. Benetton won the last of back-to-back world drivers' titles in 1995 powered by Renault. It was also Benetton's last constructors' title. Michael Schumacher's departure for Ferrari after the '95 season -- Benetton has won only one race since then -- and Renault's departure after '97 has left Benetton among the also-rans in Formula One. The team finished sixth in last year's constructors' championship, down from a poor fifth in 1998. Renault's return to F1 had been rumored with Jordan, Arrows and Prost also listed as possible targets of a buyout. Copyright 2000 Associated Press, All rights reserved. -0- (scw) (PROFILE (WS SL:BC-Sports-Auto Racing-Benetton-Renault, 4th Ld-Writethru; CT:s; (REG:EURO;) (REG:BRIT;) (REG:SCAN;) (REG:MEST;) (REG:AFRI;) (REG:INDI;) (REG:ENGL;) (REG:ASIA;) (LANG:ENGLISH;)) ) *** end of story ***