Renault will take over Lotus' F1 team to re-enter Formula 1 as a full manufacturer entry
Renault and Gravity Motorsports S.a.r.l. have now signed a letter of intent to take over a controlling share in Lotus's team which will help it with its insolvency battle
The Lotus Formula 1 team have been fighting the insolvency proceedings brought by the UK Revenue and Customs (HMRC) for a while now, but Renault and Gravity Motorsports S.a.r.l. have now signed a letter of intent to take over a controlling share in the team. This marks the return of the French carmaker into the sport as a full manufacturer entry. This acquisition also helped the Lotus team’s cause as the High Court case against them has been adjourned until December 7, 2015 due of the fresh inflow of funds from Renault.
Renault said in a statement, “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 the world’s premier motorsport championship series.”
Recent reports say that the Red Bull Formula 1 team is not happy with the engines supplied by Renault and will part ways with the French carmaker after this season, cutting short their partnership by a year. Lotus meanwhile, owes the HMRC a total of £2.7 million in back PAYE (pay-as-you-earn tax).
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