Pescarolo Sport’s purchase by Genii Capital has been long rumoured in the media during the past few days. So, Genii Capital has released today an official statement, announcing that the negotiations had ceased.

Claude Foubert

Here is the Genii Capital press release :

Luxembourg, April 26, 2010

“Following recent speculation in the media related to a potential entry in the forthcoming Le Mans 24 Hours, Genii Capital would like to clarify that it has ceased negotiations with Pescarolo Sport.

In spite of extensive discussions, the team has been unable to provide the necessary financial and operational guarantees and Genii Capital has therefore decided to step away from this project.

The Motorsport arm of the Group will continue to focus on its involvement with the Renault F1 Team and its young driver management programme, Gravity Sport Management. Genii will nevertheless maintain a watching brief on endurance racing, and has not ruled out the possibility of entering this category in the medium term.”