2016 Formula One: Renault Returns As Constructor After Taking Over Lotus F1 Team

Kuala Lumpur: Renault is all set to return to 2016 Formula One as a constructor after completing the takeover of Lotus F1 Team in a deal that is supposed to be worth of 111 million euros. The French automaker has signed a letter of intent to potentially take over the Lotus F1 Team in September, this year. The deal is reported to be sealed last weekend's Abu Dhabi GP, when the Chief Executive of the Formula One Group, Bernie Ecclestone met Jérôme Stoll, the President of Renault Sports F1, after a lot of financial wrangling.

Also Read: Renault F1 Team Signs 'Letter of Intent' with Lotus F1 Owners

“Renault had two options: to come back at 100% or leave. After a detailed study, I have decided that Renault will be in Formula 1, starting 2016. The final details supplied by F1’s main stakeholders gave us the confidence to accept this new challenge. Our ambition is to win – even if it will take some time,” announced Renault-Nissan boss Carlos Ghosn.

The takeover ends months of speculations and secures the future of the Lotus F1 Team, who has four world titles to its name, two as a Benetton with Michael Schumacher in 1994 and 1995, and two as Renault with Fernando Alonso in 2005, and 2006. The French automaker sold Lotus F1 Team to Genii Capital, an international financial advisory and investment firm, in 2009 after deciding to quit Formula One as a constructor yet it kept on participating as an engine builder.

Also Read: Renault Disputes DUH Allegations of Espace's Excess Emissions

Ghosn took the decision to return to Formula One in 2016 with the own team after the breakdown of the relationship with Red bull. In a statement, he added, "As a full team, Renault will take maximum benefit from its victories. The payback as an engine supplier proved to be limited. The return on the investment necessitated by the new engine regulations and the return in terms of the image were low."

The Venezuelan Pastor Maldonado and British rookie Jolyon Palmer will drive for Renault in 2016 F1 season. Frenchman Frederic Vasseur is likely to be appointed as Team Principal.

It is speculated that French automaker has committed itself to F1 for nine years, till 2024.

For more details, please wait till the next month!

Also Read: Renault Clio GT Line Finally Arrives in Malaysia: Priced at RM118K