French car manufacturer Renault has confirmed it has taken the first steps in agreeing a takeover of the Lotus F1 Team, which will see Renault return as a works team for the first time since 2009.
The manufacturer, which currently supplies both Red Bull and Toro Rosso with engines, is set to buy a 65 per cent stake in the team, rebranding it as Renault for 2016, whilst ending its partnership with both Red Bull and Toro Rosso to focus on its own team.
It had long been speculated that a deal would take place, but silence from Renault’s side cast some doubts. However on Monday the company confirmed it had signed a letter of intent with current owner Genii Capital.
“Renault Group and Gravity Motorsports S.a.r.l., an affiliate of Genii Capital SA, are pleased to announce the signature of a Letter of Intent regarding the potential acquisition by Renault of a controlling stake in Lotus F1 Team Ltd.
“The signature of this Letter of Intent marks Renault’s first step towards the project of a Renault Formula 1 team from the 2016 racing season thereby extending 38 years of commitment of the brand to world’s premier motorsport championship series.
“Renault Group and Gravity will work together in the coming weeks to eventually turn this initial undertaking into a definitive transaction provided all terms and conditions are met between them and other interested parties.”
