Renault signs Letter of Intent to take over Lotus F1 team for 2016

Renault Group and Gravity Motorsports S.a.r.l., an affiliate of Genii Capital SA, have announced the signature of a Letter of Intent regarding the potential acquisition by Renault of a controlling stake in Lotus F1 team.

The signature of this Letter of Intent marks Renault's first step towards the project of a Renault Formula One team from the 2016 racing season, thereby extending 38 years of commitment of the brand to world's premier motorsport championship series.

Renault Group and Gravity will work together in the coming weeks to eventually turn this initial undertaking into a definitive transaction provided all terms and conditions are met between them and other interested parties.