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Renault finalises Lotus F1 takeover

Speedcafe.com

Tuesday 22nd December, 2015 - 10:41am

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Renault has now completed its takeover of Lotus

Renault has now completed its takeover of Lotus

Renault has completed the final stages of its Lotus Formula 1 team takeover ahead of a full works return next season.

The French manufacturer announced it had signed principal contracts with the Enstone operation earlier this month but now the deal has been formally confirmed.

The deal was completed at the High Court in London on Monday where an insolvency petition was dismissed after payments to the team’s creditors were successfully made.

“Following the signing of a letter of intent by Groupe Renault and Gravity Motorsport S.a.rl on 28 September 2015, the parties entered into the various agreements on 3 December 2015,” read a statement from Renault.

“Since then, all parties involved have been working relentlessly to comply with all of the contractual and legal obligations under the agreements to enable the transaction to successfully complete.

“The technical teams are making good progress to have the 2016 car ready for testing in Barcelona at the end of February.”

Renault is expected to reveal more details of its management structure and team name at an event held in Paris in February.

Prior to the takeover Lotus announced that Pastor Maldonado and Jolyon Palmer will pilot the cars next season.

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