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 teamâs 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, âThe signature of this letter of intent marks Renaultâs 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 worldâs premier motorsport championship series.â
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 ÂŁ2.7 million in back PAYE (pay-as-you-earn tax).
Press Release - F1 : signature of a Letter of Intent between Renault Group and Gravity Motorsports S.a.r.l.
|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.
The signature of this Letter of Intent marks Renaultâs 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 worldâs 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.