F1 »

Renault officially completes Lotus F1 takeover

Renault finally completes its takeover of the Lotus F1 team, paving the way for its return to F1 as a fully-fledged constructor once more.
Renault has formally completed its takeover of the Lotus F1 team, paving the way for the manufacturer to begin its preparations for the 2016 F1 season.

After months of negotiations, Renault finally revealed its intentions to return to F1 as a fully-fledged constructor earlier this month through the purchase of the Lotus F1 team, though the completion remained dependent on the resolving of an existing dispute brought by the HMRC over unpaid taxes.

However, despite the threat of Lotus being placed in administration, Renault's purchase has seen the insolvency petition dismissed, paving the way for the French firm to complete its takeover.

“We have the keys, so to speak,” a lawyer told an insolvency judge, according to the BBC

The move means Renault, which has focused on an engine supplier role in recent years, will return to F1 as a fully-fledged constructor in 2016 for the first time in five years. The move will see it take back control of the Enstone-based squad having sold its majority stake to investment group Genii Capital in 2009, who proceeded to rebrand the team as Lotus.

Renault's decision to return to F1 was prompted after it suffered a breakdown in relations with primary partner Red Bull Racing in 2015, despite winning four world titles together between 2010 and 2013, while boss Carlos Ghosn said F1 no longer offered value for money as an engine supplier when compared with the investment required to develop the new generation V6 Hybrid power units.

Despite this, Renault will continue to supply engines to Red Bull, though the British-based team will assume development duties and badge the power units as 'TAG-Heuer'.

Renault is set to persevere with driver line-up of Pastor Maldonado and Jolyon Palmer, who were confirmed by Lotus prior to the takeover. Indeed, Maldonado's substantial cash from Venezuela's state-backed oil company PDVSA was believed to be pivotal to Renault's decision to commit.

Despite recent troubles, the Enstone-based team remains one of the most successful operations in modern times, winning the 1994 and 1995 world titles with Michael Schumacher as Benetton, with Fernando Alonso clinching the 2005 and 2006 titles as Renault.


Tagged as: Renault , Lotus

Related Pictures

Click on relevant pic to enlarge
The Renault team display the number 1 on the World Champions car - Fernando Alonso
Nico Hulkenberg - Renault Sport F1
Renault Formula One Team, launch date, [Credit: Renault F1]
27.11.2016 - Race, Jolyon Palmer (GBR) Renault Sport F1 Team RS16 and Esteban Gutierrez (MEX) Haas F1 Team VF-16
27.11.2016 - Race, Jolyon Palmer (GBR) Renault Sport F1 Team RS16 and Jenson Button (GBR)  McLaren Honda MP4-31
27.11.2016 - Race, Kevin Magnussen (DEN) Renault Sport F1 Team RS16
27.11.2016 - Race, Kevin Magnussen (DEN) Renault Sport F1 Team RS16 and Pascal Wehrlein (GER) Manor Racing MRT05
27.11.2016 - Race, Jolyon Palmer (GBR) Renault Sport F1 Team RS16 leads Jenson Button (GBR)  McLaren Honda MP4-31
27.11.2016 - Kevin Magnussen (DEN) Renault Sport F1 Team RS16
27.11.2016 - Jolyon Palmer (GBR) Renault Sport F1 Team RS16
27.11.2016 - Jerome Stoll (FRA) Renault Sport F1 President
27.11.2016 - Kevin Magnussen (DEN) Renault Sport F1 Team RS16
27.11.2016 - Renault Sport F1 Team group photo, Jolyon Palmer (GBR) Renault Sport F1 Team RS16 and Kevin Magnussen (DEN) Renault Sport F1 Team RS16
27.11.2016 - Jolyon Palmer (GBR) Renault Sport F1 Team RS16
27.11.2016 - Jolyon Palmer (GBR) Renault Sport F1 Team RS16
26.11.2016 - Kevin Magnussen (DEN) Renault Sport F1 Team RS16
26.11.2016 - Kevin Magnussen (DEN) Renault Sport F1 Team RS16
26.11.2016 - Alain Prost (FRA) and Cyril Abiteboul (FRA) Renault Sport F1 Managing Director

Join the conversation - Add your comment

Please login or register before adding your comments.

Although the administrators and moderators of this website will attempt to keep all objectionable comments off these pages, it is impossible for us to review all messages. All messages express the views of the poster, and neither Crash Media Group nor Crash.Net will be held responsible for the content of any message. We do not vouch for or warrant the accuracy, completeness or usefulness of any message, and are not responsible for the contents of any message. If you find a message objectionable, please contact us and inform us of the problem or use the [report] function next to the offending post. Any message that does not conform with the policy of this service can be edited or removed with immediate effect.


rob01

December 21, 2015 8:06 PM

richard:
George Zaidan: I wonder if RBR can tell us what crow tastes like.
very unlikely. renault admitted that they did nothing with their pu this year and that it was only when rb put illien onto the job, that any improvement was made. now rb are funding illien in renault. so it took rb to give renault a kick up their jacksie.
Bottom line is Red bull said they were ending contract with Renault. Until they found out NO ONE wanted to work with someone of their Ilk. They now have claimed to save the day. Sounds to me like eating crow taste great to them.

107SS2009

December 21, 2015 3:13 PM

“The British-based team will assume development duets and badge the power unit as TAG-Heuer”. As it is red bull who is badging the engine as TAG-Heuer and not Renault, the article gives the impression that red bull will assume development duets of the power unit, this is totally misleading, as it will be Renault who will develop the power unit and not red bull.



© 1999 - 2017 Crash Media Group

The total or partial reproduction of text, photographs or illustrations is not permitted in any form.