The French car maker is all set to return to its racing roots with its participation in 2016 season of Formula One Championship. The brand has already signed a letter of intent to salvage the cash crunch situation being faced by the team, who spent time locked in the hospitality unit during the Japanese Grand Prix for unsettled bills and dues incurred in last year’s race.
"Renault Group and Gravity Motorsports S.a.r.l., an affiliate of Genii Capital SA, are pleased to announce the signature of a letter of intent regarding the potential acquisition by Renault of a controlling stake in Lotus F1 Team Ltd," Renault said in a statement.
Once the new Renault team is formed, it is reported that Alain Prost will be heading the unit to give a strong sense of direction. This association is seen as a relief for the crippled team fighting an intense legal battle against the Revenue and Customs Department (HMRC). By taking a dominating stake in the troubled team, Renault will make way for fresher engine in a grip otherwise powered by Mercedes and Ferrari.
Lotus ran into rough waters on many occasions which involve the rise of cars being impounded to no tyres available for racing. The legal battle has just got a minor extension where the hearing has been pushed to December 7. Lotus owes £2.7million to the Customs department. The rise in stakes of 65% would help ease out situation for the Enstone squad.
"The signature of this Letter of Intent marks Renault's first step towards the project of a Renault Formula 1 team from the 2016 racing season thereby extending 38 years of commitment of the brand to the world's premier motorsport championship series.
