Official: Renault Takes Over Lotus F1

[cosworth151]

Lotus F1 and Renault have announced the the French car maker will officially be taking over the financially troubled F1 team.

“Renault had two options: to come back at 100 percent or leave. After a detailed study, I have decided that Renault will be in Formula 1, starting 2016. The final details supplied by F1’s main stakeholders gave us the confidence to accept this new challenge. Our ambition is to win--even if it will take some time,” said Carlos Ghosn, Chairman and CEO, Renault.

We knew it was coming, but I'm still glad that it's official now. All the best to the folks at Enstone.

http://www.lotusf1team.com/news-archive/renault-announces-return-to-formula-1-in-2016/

[Jericoke]

So now we get to see the Byzantine rules about getting paid in F1.

Has 'Renault' signed the paper work early enough they can change their name, or will 'Lotus' continue to live on for the sake of getting their share of championship money?

[cosworth151]

Rumor is that the reason Renault was holding out on both this and the RBR engine deal was to get all of those kind of things resolved to their satisfaction.

[cosworth151]

Looks like it's all done.

"Everything has all gone through and is all completed. The payments to the creditors were released late last week," Lotus CEO Matthew Carter said. "Today was effectively just a simple box-ticking exercise."

In court, lawyers representing Renault were able to inform the presiding judge: "We have the keys, so to speak," allowing him to dismiss the case.

Lotus asked for a final 14 days to tie up all the loose ends with Renault, with payments to a long list of creditors – including HMRC – needing to be made, along with the signing of the all-important share purchase agreement [SPA].

http://www.racer.com/f1/item/124710-renault-now-possess-keys-to-lotus

[Steve A.]

Now wait to hear Christian Horner complain and scream should/when Renault beat RBR. Can just imagine how far the dummy will be spat.

[Scott]

It's quite something how Horner has embraced the icky part of F1 politics.  When he came into F1, I really enjoyed his balanced, objective comments that weren't laced with innuendo like many of the other team principals (Peter Sauber and Frank Williams were two other stand-outs who generally stayed away from criticizing other teams or partners).  But over the last two years, he's either been Dieter and Marko's puppet, or his personality has changed.  Might it be because he has some Spice in his life now 

[Warmwater]

Fairly happy that Renault will be a team as opposed to an engine supplier.
That said, I have owned just one Renault, a brand new 1959 Dauphine for $1300 that promised much, but was completely worn out in 15,000 miles / 11 months, then caught fire and melted. Hopefully the F1 car will be better.