Renault F1 Team signs 'Letter of Intent' with Lotus F1 Owners

Kuala Lumpur: The new Renault F1 team has publicly confirmed its intention to purchase the Lotus F1 team owner Gravity Sports, part of Gerard Lopez' Genii Capital Group, after announcing it had signed a 'Letter of Intent'. With this take, the French manufacturer has moved a step closer to the errand task.

Renault previously competed in F1 between 1977 and 1985, and again between 2002 and 2011, winning the constructors’ championship in 2005 and 2006. It pulled its backing in 2009 but the team continued to compete as Renault for two more seasons before rebranding as Lotus.

A statement released on Monday confirmed that Renault has signed a letter declaring a “potential acquisition by Renault of a controlling stake in Lotus F1 Team Ltd”. There are some final touches to be put to the details, but it appears that Renault will step in and settle the ongoing process demand as soon as possible. The next few weeks, we can see that the change of ownership and a fourth manufacturer-backed F1 team racing in its own right.

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Based on information received from sources, the French carmaker will purchase a controlling stake in the Lotus F1 Team for £65 million. The deal would see Renault land a 65% stake in the team while the remaining is split between Gerard Lopez via Genii (25%) and Alain Prost (10%).

Pastor Maldonado is said to be part of the final team in 2016, and he will reportedly bring in a $50 million investment from his sponsor, PDVSA. Romain Grosjean could be his partner, which is not yet confirmed.

Renault Group and Gravity will collaborate in the “coming weeks to eventually turn this initial undertaking into a definitive transaction provided all terms and conditions are met between them and other interested parties.”

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SIGNATURE OF A LETTER OF INTENT BETWEEN RENAULT GROUP AND GRAVITY MOTORSPORTS S.A.R.L

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.

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 world’s premier motorsport championship series.

Renault Group and Gravity will work together in the coming weeks to eventually turn this initial undertaking into a definitive transaction provided all terms and conditions are met between them and other interested parties.

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