Renault has always prided itself in its pedigreed racing heritage, but this has been taken one step further at the end of September 2015 with the well-established automotive manufacturer signing a letter of intent to purchase a controlling stake in Lotus, thereby creating a brand new Formula 1 team for 2016.
Talks with Renault Began at the Beginning of the Year
For over 7 months Renault have been in talks to buy Lotus. During this time however the Lotus team’s financial position has become precarious without a deal in place. But thanks to Renault this is all about to change, as a statement made on Monday the 28th of September says that the "first step towards the project of a Renault Formula 1 Team" has been taken.
Renault looks to Extend its Love Affair with Racing
Up until now Renault has had an engine partnership with Red Bull, but the move to buy the Lotus team not only signifies the end of this deal, but will also help ensure that Renault’s 38-year involvement in F1 is extended indefinitely.
An Established Renault History in F1
Racing fans will probably already know this, but Renault previously ran their own F1 team from 1977-85 and then again from 2002 to 2010. During this time they managed to win both the drivers' and constructors' championships not once, but twice in 2005 and 2006. In 2010 Renault sold the majority of shares in its F1 team, which became Lotus Renault and then Lotus F1. This means that there is already an established working relationship between the two parties, which bodes well for the future of Team Lotus, Renault Racing and Motor Racing in general.
As originally posted on: http://www.group1renault.co.za/
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