French car manufacturer Renault looks set to return to Formula 1 with its own team, with a deal to buy Lotus likely to be concluded within a week.
Autosport report that Renault will purchase the Enstone team – previously the Renault team between 2002-2010 – in a deal worth £65 million, £7.5 million to be paid up front and the rest paid in equal installments over the next 10 years.
Renault will acquire a 65 per cent stake in the team, with current co-owner Gerard Lopez and four-time world champion Alain Prost – a Renault ambassador and e.Dams Renault Formula E team boss – set to take 25 and 10 per cent stakes respectively.
A sponsorship and budget package has already been agreed, with reports suggesting that the team will have a budget on par with the past two world champions Mercedes and Red Bull.
Renault have opted for Lotus over Force India due to the strong infrastructure the Enstone factory already has in place, facilities that Renault are familiar with due to their engine supply deal with the team that expired last year.
The deal will end doubts over the future of Lotus, with the team in all kinds of financial and legal wrangles at present.
However, whilst one doubt is cast aside, more arise.
The team’s driver lineup for next season is a mystery, although it does look likely that Romain Grosjean will be retained.
Also a mystery is what will happen with their engine supply contracts.
Lotus signed a long-term deal to use the dominant Mercedes power unit during the off season, but Renault will want to run their own engines. Furthermore, their contract with Red Bull states that the Milton Keynes-based outfit gets engine priority.
With only a year left on the Red Bull deal, and tensions between the two sides fraying, it remains to be seen whether the decision to end the contract early will be taken.
One thing is certain, though. Renault’s return to the sport as a works team is good news, as another manufacturer with a secure budget will provide a welcome relief from the constant financial issues that we hear about.
