Renault is one step closer to have works team in F1
Renault has announced the signature of a Letter of intent regarding the potential acquisition by Renault of a controlling stake in Lotus F1 Team Ltd.
After parting ways with Red Bull team, French manufacturer decided to retire as engine supplier in Formula 1 and had to decide whether to stay in the championship with its own team or to leave the series completely.
As the team with a great history in Formula 1, Renault has finally decided to continue the successful path with Lotus as the most suitable partner in the moment. It is widely expected that the negotiations about purchasing controlling package of shares between two sides will be finalized very soon.
“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,” said Renault in a statement released on Monday.