Well it’s done. Renault have officially gotten “the keys” to the kingdom in Enstone and will now be a works team in Formula 1 for 2016. Owing HMRC £2.7million, the team were officially acquired by Renault and all creditors have been paid according to a story at by Ian Parkes at AUTOSPORT.
Lotus CEO Matthew Carter said:
“Everything has all gone through and is all completed. The payments to the creditors were released late last week.
“Today was effectively just a simple box-ticking exercise.”
Still no word on the management structure such as Carter’s retention or Gerard Lopez’s continuing investment/role.
Here’s the official press release:
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.
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.
Following the signing of a letter of intent by Groupe Renault and Gravity Motorsport S.a.rl on 28 September 2015, the parties entered into the various agreements on 3 December 2015. Since then, all parties involved have been working relentlessly to comply with all of the contractual and legal obligations under the agreements to enable the transaction to successfully complete. The technical teams are making good progress to have the 2016 car ready for testing in Barcelona at the end of February.
Hat Tip: AUTOSPORT