Confirmed: Renault finally buys back Lotus F1 Team, now known as Renault F1 Team

It was confirmed late Thursday evening (3/12/15), that Renault has finally completed its planned takeover of the Lotus Formula 1 team, after lengthy negotiations, meaning it will return to the sport as a fully-fledged works outfit from the 2016 F1 season.





Renault signed a letter of intent with Lotus to buy the team after this seasons Japanese Grand Prix, just before the Enstone-based team was due back in court over unpaid taxes, but only now has the deal been officially signed off by both parties, with Renault buying from previous owners Genii Capital believed to be worth €100 million.

Renault, which previously owned the Enstone-based team from 2002 to 2009, claiming both the Drivers' and Constructors' Championships back-to-back in 2005 and 2006 with Fernando Alonso as Champion, had already re-deployed Renault staff at the squad's factory.



"Renault had two options: to come back at 100 per cent or leave," said Carlos Ghosn, Chairman and CEO of Renault, which has acted as an engine supplier in recent Formula 1 seasons.

"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."

Ghosn made clear: "Our ambition is to win, even if it will take some time."

Overall, great news for the team if Renault deal didn't happen to buy the team, I do believe it would be the end for the Enstone-based team making 470 people redundant.

Can the team return to winning ways for 2016? No due to an under-develop car and power unit. But, can the team win in a few years time? possibly as Renault will be in Formula 1 for the long-run. Don't forget when Renault bought the Enstone-based team off from Benetton in 2000, it took Renault five years to win their first Drivers' and Constructors' Championships with Fernando Alonso as Champion that season.



Meanwhile former Renault's works team Red Bull Racing will run a rebranded Renault power units next season, after its fallout with the firm. With Red Bull hinted on Thursday that it could run a TAG Heuer-branded unit, posting a tweet with the words, 'Swiss Engineering to close the gap next season, TAG Heuer and Infiniti Red Bull Racing 2016'.

Swiss Engineering to close the gap next season. @TAGHeuer #DontCrackUnderPressure pic.twitter.com/Orx2odPFBw

— Red Bull Racing (@redbullracing) December 3, 2015

While, sister team Toro Rosso will likely use 2015 Ferrari Power-Units next season replacing Renault power for the last two seasons.



Renault back as a Formula 1 Constructor once again.



End of post for now, new post soon. Bye.