It would appear that although a potential deal between Renault and Lotus is taking an eternity to come, things are at least heading in the right direction.
Earlier today, Renault and Gravity Motorsports have signed a letter of intent, stating that they are planning to purchase a controlling stake in the Lotus F1 Team. Renault has been rumored to be acquiring the financially collapsing team in order to revive a Renault works team. The French engine manufacturer has been under fire this season, due to the crumbling of their relationship with Red Bull and Toro Rosso. There has not been a Renault team since 2010.
“The signature of this Letter of Intent marks Renault’s first step towards the project of a Renault Formula 1 team from the 2016 racing season thereby extending 38 years of commitment of the brand to world’s premier motorsport championship series,” the Lotus F1 Team stated in a press announcement. “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.”
The Lotus F1 Team has been in the middle of some serious financial issues this season. The team has been summoned into court multiple times for outstanding debts to multiple corporations. They also had some trouble with their former test driver, Charles Pic. Their troubles are far from over and the team’s future in Formula One greatly depends on Renault’s support.
The letter of intent is a huge step into the right direction, but the deal has yet to have been legally sealed. Until that happens, the unexpected can still occur.
