Renault to make F1 comeback in Lotus takeover
RENAULT plan to return to Formula One under their own name next year by taking over the Lotus team in a deal that staves off the threat of administration for the cash-strapped outfit.
Renault are looking to make their return to Formula One by taking over Lotus
Renault have signed a letter of intent to take a controlling stake in British-based Lotus, which is facing legal action over £2.7m in unpaid taxes and risked having its fate decided by a judge had Renault not come to the rescue.
Lotus was previously the Renault Formula One team, which was sold and renamed after a race-fixing scandal centred on the 2008 Singapore Grand Prix.
Under its previous guises of Benetton and Renault, the team won world championships with Michael Schumacher and Fernando Alonso.
Lotus finished fourth overall in 2013 but slumped to eighth last year with just 10 points.
Renault currently compete in Formula E Championship
It has struggled to operate normally this season because of pressure from creditors and legal difficulties.
In Japan, the team were locked out of a hospitality unit intended for their use after failing to pay Grand Prix circuit organisers.
Their mechanics had to be fed elsewhere as a favour and their freight was delayed because of payment problems.