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Renault days away from firming Lotus takeover

Lotus gets another adjournment from the High Court as Renault says it is just a few days from formalising its takeover of the F1 team.
Renault says it will close out its takeover of Lotus F1 in just over a week's time after the team's ongoing case with creditors was given another adjournment.

Lotus has been embroiled in a long-running case brought against it by HMRC over unpaid tax understood be in the region of £2.7 million, but having been threatened with administration on September 28th, it was granted a sizeable adjournment until 7th December after Renault issued a 'letter of intent' to purchase.

Giving Renault the time it needed to finalise its own agreements, with the French firm confirming last week that it will indeed return to F1 as a constructor, the High Court opted to adjourn the case again to December 21st to allow it time to conclude its share purchase.

With Renault aiming to have the deal signed on December 16th, Mr Justice Birss says the impending deal meant there was no risk of administration on this occasion.

Lotus' ongoing financial woes being made publically clear in 2015 as debts piled up, it was considered that only a Renault takeover would have saved the Enstone-based team from folding. Though very final deal is still a few days away, chief executive Matthew Carter is

"It's the 16th for the SPA (share purchase agreement) and they (Renault) are agreeing to pay all the creditors by the 31st," added Lotus chief executive Matthew Carter.
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"So I guess when we come back on the 21st it will be to ensure that the SPA has been signed. It's been an interesting process all the way through but we are where we are," said Carter who said his own future with the team had yet to be decided.”


Tagged as: Renault , Lotus

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