Renault has completed Lotus takeover
Renault has finally finalized the purchase of Lotus Formula 1 team and enters 2016 with their own team.
French manufacturer has completed the acquisition of a controlling shareholding after signing a letter of agreement in September and signing of various agreements earlier in December.
“Everything has all gone through and is all completed. The payments to the creditors were released late last week. Today was effectively just a simple box-ticking exercise,” said Lotus CEO Matthew Carter speaking to Autosport.
Few things still to be done
After the purchase was completed, interim board of directors has been appointed, with Jerome Stoll as Chairman and Cyril Abiteboul as Managing Director. The new name of the team, management structure and other details will be decided after a meeting in Paris, in February 2016.
The technical teams are working on development of a new car for 2016 Formula 1 season and it is expected that the car will be ready for the series of pre-season tests in Barcelona at the end of February. Before that, the new team should announce drivers for the next F1 season.