Renault has confirmed it has finally taken overall control of the Lotus F1 Team following its recent takeover bid, which despite being confirmed over a fortnight ago, was still subject to signing of contracts.
The French manufacturer has cleared the teams debts, allowing for London’s High Court to dismiss an insolvency petition brought against the team.
“On Friday 18 December 2015, Groupe Renault and Gravity Motorsport S.a.rl, an affiliate of Genii Capital SA, formally and successfully completed the acquisition by Groupe Renault of a controlling shareholding of Lotus F1 Team Limited,” confirmed a statement.
Renault will confirm further details at an event in Paris early next season, ahead of the opening test of the season.
“The new team name, full management structure, team partners and other details will be announced during an event to be held in Paris in February.
“In the interim, a new board of directors has been appointed, with Jérôme Stoll as Chairman and Cyril Abiteboul as Managing Director.”
The statement also confirmed progress on next year’s car is well advanced.
“The technical teams are making good progress to have the 2016 car ready for testing in Barcelona at the end of February.”
