Renault signs ‘Letter of Intent’, marking its return as full works outfit with acquisition of Lotus F1 team

lotus-f1-team

Well folks, it’s finally official. Renault Group and Gravity Motorsports S.a.r.l, an affiliate of Genii Capital SA, have announced the signature of a ‘Letter of Intent’ regarding the potential acquisition by Renault of a controlling stake in the Lotus F1 Team Ltd.

The signature of this document will mark the first step in the formation of the Renault Formula 1 team for the 2016 racing season. It will also be extending its 38 years of commitment to the sport.

Renault Group and Gravity will collaborate 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.”

Just to recap, based on our earlier article, the French carmaker is believed to be purchasing a controlling stake in the Lotus F1 team for £65 million, in a deal where Renault will have a 65% stake in the team while the rest of the shares will be split between Gerard Lopez via Genii (25%) and Alain Prost (10%).

It should be noted that Pastor Maldonado will still be part of the team next year, and he will reportedly bring in a $50 million investment from his sponsor, PDVSA. There still is no confirmation of his teammate though, with Romain Grosjean expected to join the Haas F1 team next year.

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Anil Prabha

Anil Prabha has always been a petrol head. He also has a strange knack for remembering car models and their respective registration plates. Naturally aspirated engines are always better than turbocharged or supercharged ones, in his opinion. Ultimately, he believes that there is nothing better in life than just going for a drive.

 

Comments

  • brianxyz on Sep 28, 2015 at 10:13 pm

    These manufacturers’ team are like that. When times are good, all will want to join F1. When economic crises come, all will leave. After this, Toyota, Honda, BMW etc etc will want to have their own F1 teams. These are what I call ‘fair weather’ teams. We have to give respect and due recognition to the ‘core’ F1 teams like Ferrari and Mclaren.

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  • Josh Ling on Sep 29, 2015 at 12:11 am

    it’s a pity for lotus f1 and lotus cars, but maybe it’s a relief for the latter as well.

    Like or Dislike: Thumb up 2 Thumb down 0
 

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