Renault have finally agreed a takeover of the Lotus F1 Team with all necessary parties at both companies, returning the French manufacturer to ‘works team’ status for the first time since 2009.
Lotus expect an announcement to be made next week, with sources suggesting it could come on Monday.
“As far as I am aware there is going to be a press release from Renault sometime next week,” explained Lotus CEO Matthew Carter when pushed on the situation by BBC Sport.
Lotus has mounting debts – making a takeover essential to its survival – which will see the team back in court on Monday morning as it battles with a £2.7 million ($4m) HMRC bill for unpaid income tax and national insurance.
Carter is hopeful of a positive outcome: “We are thinking that it will be in our favour,” he said.
Autosport report that as part of Renault’s takeover, they will step in and pay off Lotus’s immediate debts, rescuing the team from insolvency.
A majority takeover of 65 per cent will likely be completed before the end of the season, which will see Lotus rebranded as Renault, with a switch back to Renault power for the 2016 season.
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