Renault in last pitch for Lotus F1 takeover
French automaker Renault said on Monday it had signed a letter of intent to take a controlling stake in the cash-strapped Lotus Formula 1 team.
It was reported in September that Renault was poised to buy a majority stake in the ailing Lotus F1 team.
Renault said it had struck a deal with the Lotus team's current owners Genii Capital and said it marked the manufacturer's "first step towards the project of a Renault F1 team from the 2016 racing season."
Due to their financial problems, Lotus were embarrassingly locked out of paddock hospitality at the Japanese Grand Prix this past weekend (September 26-27) and left anxiously waiting for their engines before the race.
Despite the pre-race problems, the team's French driver Romain Grosjean finished seventh in the race at Suzuka.
AFP