Renault has confirmed it has completed its takeover of the Lotus F1 Team, meaning the French manufacturer will return to full works status in 2016, for the first time since 2011.
The company signed a Letter of Intent with Lotus in September, but negotiations have been drawn out over the past several weeks with disagreements over historical payments.
That matter has now been resolved, with Bernie Ecclestone meeting with Renault executives in Abu Dhabi to agree revised terms, which will bind Renault to F1 until at least 2024.
Company CEO Carlos Ghosn confirmed Renault had two options: “to come back at 100 percent or leave,” to which he added, “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.”
A contract to takeover Lotus was finally signed on December 3rd, whilst Renault confirmed outstanding details will be finalised in the “shortest timeframe possible”.
The takover deal is believed to be worth £75 million ($114m) in exchange for a majority stake in the team it formally owned outright.
The statement added that F1 is a “means for Renault to accelerate development and remain at the forefront of the sport’s technological progress.
“It simultaneously allows Renault to build bridges between the advanced technologies seen in the world championship and its road cars, particularly in the fields of electric and hybrid vehicles.”
More details about Renault’s return are expected in January, before pre-season testing begins in February.