Thursday March 16th, 2000

Italian clothing retailer Benetton said on Thursday it is selling its Formula One racing team to Renault for $120 million, adding that it will remain an official sponsor for the team for two years.

"Globalisation today means that it is the specialists in their various sectors who compete in their core markets," said Benetton chairman Luciano Benetton in a statement handed out at a press conference.

"Benetton made a great committment to Formula One racing that has brought us satisfaction beyond our wildest hopes. But to guarantee the team the future it deserves in this new global context, it's better to change driver."