Renault formally completes Lotus takeover

Renault has formally completed its takeover of the Lotus F1 Team, leading to an insolvency petition being dismissed.

Lotus has been in court due to a case brought against it by HM Revenue and Customs over unpaid tax, with a hearing in early December being adjourned after Renault confirmed it would take control of the team and pay creditors by the end of the year.

With the court reconvening on Monday, Renault's lawyers confirmed the takeover had been completed, telling a judge: "We have the keys, so to speak."

HMRC has now withdrawn its application to put the team in to administration with Renault having completed a share purchase agreement ahead of a return to F1 as a constructor in 2016.

Renault originally sold the team to Genii Capital in 2009, with the Enstone outfit eventually being renamed Lotus. However, after a difficult two seasons under new power unit regulations which led to a breakdown in its relationship with Red Bull, Renault has decided to return as a full constructor.

Pastor Maldonado and Jolyon Palmer will drive for the team in 2016, with Romain Grosjean having opted to move to Haas before Renault made its intentions clear.

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