Italian clothing company Benetton is rumoured to be on the verge of selling its Formula One interest to Renault.

The announcement, which is believed to be made today, will bring to an end Benetton’s long standing involvement in the sport.

Renault is understood to have been looking for a return to the sport for some time. The global exposure which they used to enjoy ended when the Williams-Renault team parted company at the end of the victorious 1997 season, which saw Jacques Villenueve clinch the drivers championship, and the team win the constructors championship.

Should Renault be confirmed as Benetton’s successor, the French group will once again see its brand on the world stage alongside rival motor car manufacturers such as Ferrari, Mercedes and BMW.