Renault confirm Lotus deal now complete

Groupe Renault has finally completed the acquisition of the controlling shareholding of the Lotus F1 Team, and will return to Formula 1 in 2016 as a fully-fledged factory outfit.

Groupe Renault, as well as Gravity Motorsport S.a.rl, an affiliate of Genii Capital SA, will announce the new team name, full management structure, team partners and other details during an event to be held in the French capital Paris during February.

Jerome Stoll has been installed as chairman and Cyril Abiteboul as Managing Director as part of an interim board of directors.

Renault had announced its intention to return to Formula 1 as a manufacturer entry back in September when it signed a letter of intent to buy back the Lotus team, and announced further details at the beginning of December that progress had been made between the two parties.

The team have revealed they are working hard to be ready for the first pre-season test at the Circuit de Catalunya at the end of February, with Pastor Maldonado and Jolyon Palmer already announced to race for the outfit next season.