More than 500 workers at the Oxfordshire headquarters of the Renault F1 team are breathing a sigh of relief after it was confirmed the team will be competing next season.

Luxembourg-based investment firm Genii Capital has bought 75 per cent of the Enstone-based team with Renault retaining a 25 per cent shareholding.

Team president Bernard Rey said: “I am delighted to welcome Genii Capital as our new strategic partner as I am sure their enthusiasm and business expertise will create a new dynamic for the team, the staff, and our partners.

“Altogether, we look forward to competing again at the highest level in Formula One.”

It is understood Genii beat a rival bid from David Richards, boss of Banbury-based motor racing engineering firm Prodrive.

The deal marks the end of a turbulent year for the team following the Singapore race-fixing scandal which saw Flavio Briatore lose his job as team principal and the team was handed a ban which was suspended for two years by governing body the FIA.

SInce then the future has remained in doubt as rumours circulated over whether it would withdraw like other manufacturers’ teams Honda and Toyota.

Meanwhile, Virgin boss Richard Branson said his love for engineering was a key reason for him putting the full weight of his brand behind a new Formula One team which is building its first car in Bicester.

Manor GP has been renamed Virgin Racing thanks to the multi-million pound backing of the Kidlington-based tycoon and the investment is good news for workers at Wirth Research where the car is being developed.

Sir Richard said: "If you look at the history of Virgin we've loved supporting technical breakthroughs, great engineers, and there's something like 120 engineers working away on this project."

He was accompanied at the launch of Virgin Racing by Nick Wirth, technical director of the team and of Wirth Research which has more than doubled its workforce following the announcement that it would build the car in June.

The car will be the first to be built without the aid of a wind tunnel, with hi-tech computer software being used in its design.

Mr Wirth said: "Virgin Racing is an all-new Formula 1 entry and here at Wirth Research we are very proud to be providing the backbone to it with a unique approach to car design and development.”