The first steps for Renault to purchase Lotus have begun as the latter has announced the potential buyers have signed a letter of intent expressing their interest in signing a majority stake in Lotus F1 Team.
The letter states they will be participating from the 2016 Formula One season.
The next step of the process will involve ensuring all terms and conditions are met between respective parties.
“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.”
The announcement will be good news for all involved with Lotus F1 Team after the difficulties they faced off-track in Suzuka.
