Renault confirms return as F1 constructor

Renault has confirmed it will return as an F1 constructor after signing principal contracts to purchase Lotus.

Following months of discussions with Bernie Ecclestone and a prolonged spell working on a takeover of Lotus, Renault has confirmed it will definitely be a constructor next season.

"Work continues on finalising the terms of the acquisition of the Lotus F1 Team in the shortest timeframe possible," a Lotus statement said. "The principal contracts were signed on December 3, 2015. The Lotus F1 Team effectively stands out as the best partner."

Renault chairman and CEO Carlos Ghosn says he received the requested assurances about F1's future to convince him to return to the sport full-time.

“Renault had two options: to come back at 100 percent or leave," Ghosn said. "After a detailed study, I have decided that Renault will be in Formula 1, starting 2016. The final details supplied by F1’s main stakeholders gave us the confidence to accept this new challenge. Our ambition is to win--even if it will take some time."

Saying motorsport "is an essential part of the brand's identity", Renault's statement also highlights the desire to receive more credit when it performs well, with the company feeling it has been too readily criticised as an engine manufacturer in the past two seasons.

"As a full team, Renault will take maximum benefit from its victories. The payback as an engine supplier proved to be limited. The return on the investment necessitated by the new engine regulations and the return in terms of image were low."

Renault's statement also says more details about its return to the sport as a constructor will be released in January.

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