Renault formally complete takeover of Lotus F1 Team

“On Friday 18 December 2015, Groupe Renault…formally and successfully completed the acquisition…of a controlling shareholding of Lotus F1 Team Limited”, read a statement.

Renault confirmed their intention to buy out the financially-stricken Enstone team in September and a deal was agreed in principle earlier this month.

Renault have finally completed their buyout of Lotus ahead of re-establishing a “works” team in Formula 1 for the 2016 season.

“We have a completion of the share purchase”, a lawyer was quoted as telling a high court judge by Reuters.

Renault sold the Oxfordshire outfit to investment group Genii Capital in 2009 and quit the sport as a constructor, but remained involved as an engine builder.

Renault is expected to reveal more details of its management structure and team name at an event held in Paris in February.

Renault have previously won four F1 drivers’ titles, two as Benetton with Michael Schumacher in 1994 and 1995, and two as Renault with Fernando Alonso in 2005 and 2006.

Jerome Stoll has been installed as chairman and Cyril Abiteboul as Managing Director as part of an interim board of directors.

Romain Grosjean and pastor Maldonado were previous drivers for Lotus F1 Team. “The technical teams are making good progress to have the 2016 vehicle ready for testing in Barcelona at the end of February”.