Categories: F1 News, Reports and Race ResultsRenault

Renault formally completes Lotus takeover

40

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HMRC has now withdrawn its application to put the team in to administration with Renault having completed a share purchase agreement ahead of a return to F1 as a constructor in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

BBC confirms it is dropping F1 coverage, Channel 4 steps in

2015 F1 season: F1i's rookie review

Use the red tabs on either side of the screen to scroll through more Formula One news and features

Click here for a gallery of the McLaren MP4-X

Keep up to date with all the F1 news via Facebook and Twitter

Andrew Lewin

Andrew first became a fan of Formula 1 during the time when Michael Schumacher and Damon Hill were stepping into the limelight after the era of Alain Prost, Nigel Mansell and Aryton Senna. He's been addicted ever since, and has been writing about the sport now for nearly a quarter of a century for a number of online news sites. He's also written professionally about GP2 (now Formula 2), GP3, IndyCar, World Rally Championship, MotoGP and NASCAR. In his other professional life, Andrew is a freelance writer, social media consultant, web developer/programmer, and digital specialist in the fields of accessibility, usability, IA, online communities and public sector procurement. He worked for many years in magazine production at Bauer Media, and for over a decade he was part of the digital media team at the UK government's communications department. Born and raised in Essex, Andrew currently lives and works in south-west London.