Renault takes first step towards factory Formula 1 comeback

Wednesday, November 16th, 2016 - autos, cars, motoring, news

Source : Renault takes first step towards factory Formula 1 comeback

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Fernando Alonso won two Formula 1 drivers’ crowns with Renault

The French any has signed a letter of intent with the owners of Lotus F1 to take over the cash-strapped team

Renault has made the first step towards buying the Lotus F1 team in addition to also generating a return to the sport as a factory team next year.

A short statement via Renault said the company had signed a letter of intent “regarding the potential acquisition by Renault of a controlling stake in Lotus F1 Team” with Gravity Motorsports, an affiliate of the team’s owner Genii Capital.

“Renault Group in addition to also Gravity will work together from the coming weeks to eventually turn This kind of initial undertaking into a definitive transaction provided all terms in addition to also conditions are met between them in addition to also some other interested parties”.

The French any has been contemplating a Formula 1 return as a full entrant as opposed to an engine supplier since its fruitful relationship with Red Bull Racing turned sour last year.

Although the contract between Red Bull in addition to also Renault incorporates a year left to run, both parties have been negotiating for an early divorce for months. Christian Horner’s team has yet to confirm which engines the item will use in 2016, however Ferrari appears the strongest possibility.

Lotus F1 has been experienced severe financial troubles of late. the item owes more than £900,000 to the British tax authorities, in addition to also at the Japanese Grand Prix last weekend the item was refused access to a hospitality unit due to a payment dispute with Suzuka circuit bosses.

Renault has been involved in Formula 1 for the past 38 years, however during which time the item has flitted between being an engine supplier in addition to also a full any team. Its most recent spell as a works entry resulted in F1 world titles for Fernando Alonso in 2005 in addition to also 2006. In 2009, during the midst of the automotive industry’s global slowdown, the company sold a majority stake to Genii Capital.

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