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Renault signs letter of intent for Lotus takeover
Renault's takeover of Lotus has taken a step forward after the French manufacturer signed a letter of intent confirming its plans to buy out the cash-strapped team for 2016. Lotus and Renault have been engaged in talks for many months about a possible revival of the manufacturer's works Formula 1 team that last raced in the sport in 2010. While negotiations have been ongoing, Lotus has been working hard to stay financially afloat, but was at risk of entering administration today in a High Court hearing regarding unpaid tax bills. However, this appears to have been averted thanks to Renault's announcement that confirms it intends to buy the Enstone-based operation. 'Renault Group and...
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