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Renault signs agreement for Lotus F1 purchase
Renault has signed a letter of intent to buy a controlling stake in the Lotus F1 team, the French car maker has announced. Confirmation of the agreement follows months of negotiations between Renault and the current ownership group, which includes investment firm Genii Capital. Embroiled in financial turmoil, the team is today facing another appearance in the UK's High Court relating to almost £2.7 million in unpaid taxes. Lotus staff were locked out of the team's catering facility at the weekend's Japanese Grand Prix due to other unpaid bills. A Renault statement says that it hopes to complete the planned buy-in within the coming weeks. 'Renault Group and Gravity Motorsports S.a.r.l., an...
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