Renault says it is working hard towards ensuring its car will be ready for the first F1 pre-season test in February having completed its acquisition of the Lotus F1 team.
Following months of protracted negotiations, Renault has formally signed off on a deal that will see it return to F1 as a fully-fledged constructor entry in 2016, five years after it scaled back its involvement to focus on supplying engines.
The move will see Renault take back control of the Enstone-based squad from Genii Capital, having sold its stake in the team to the Luxembourg-based investment firm in 2009.
For the time being, Renault is keeping the details of its much anticipated full factory return under wraps, revealing it will announce its name, management structure, partners and other information at a ceremony in February.
Despite the relatively late deal, Renault also says it is on course to have its car ready for the first F1 pre-season test on the 22nd February.
In the meantime, erstwhile Renault Sport president and Stoll and Abiteboul will take on interim management duties, though ART boss Frederic Vasseur has been linked with the team principal position.
“The new team name, full management structure, team partners and other details will be announced during an event to be held in Paris in February,” read a statement. “In the interim, a new board of directors has been appointed, with Jérôme Stoll as Chairman and Cyril Abiteboul as Managing Director.
“Following the signing of a letter of intent by Groupe Renault and Gravity Motorsport S.a.rl on 28 September 2015, the parties entered into the various agreements on 3 December 2015. Since then, all parties involved have been working relentlessly to comply with all of the contractual and legal obligations under the agreements to enable the transaction to successfully complete. The technical teams are making good progress to have the 2016 car ready for testing in Barcelona at the end of February.”