September 28, 2015 – Renault has confirmed its intentions to takeover the Lotus Formula 1 team after signing a letter of intent with the current owners of the British squad.
The French manufacturer, who’s in talks to take a 65 per cent stake in the team for next year, previously owned the Enstone-based outfit between 2002 and 2009, winning both the world constructors’ championship and world drivers’ championship with Fernando Alonso in 2005 and 2006.
“Renault Group and Gravity Motorsports S.a.r.l., an affiliate of Genii Capital SA, are pleased to announce the signature of a letter of intent regarding the potential acquisition by Renault of a controlling stake in Lotus F1 Team Ltd,” 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.
“Renault Group and Gravity will work together in the coming weeks to eventually turn this initial undertaking into a definitive transaction provided.”