After months of flirting around with the idea of a Renault works team replacing the Lotus F1 Team, the news is now official. Renault has officially started the legal process required in acquiring the Lotus F1 Team, meaning that they will return to the grid in 2016.
Amidst financial crisis and lawsuits in the 2015 season, the Lotus F1 Team was looking as though it was heading down the same path as Caterham in 2014. There was a serious doubt about whether the team would survive the season and even bigger doubt that they would be on the grid in 2016. Renault was Lotus’ only hope.
Rumors began to circulate, saying that Renault would purchase the Lotus F1 Team and run a works team in 2016. These rumors immediately followed earlier rumors about the automotive company purchasing the Force India team. Rumors were confirmed when Renault signed a legal letter of intent that stated the company planned to acquire the collapsing team, but there was still doubt, as the season came to a close and many speculated that the French company would pull out of the deal.
Renault was having issues of their own in 2015. Their relationship with Red Bull and their sister team, Toro Rosso, had took a wrong turn. The energy drink team was on the lookout for a new engine supplier and threatened to leave Formula One if they failed to secure an engine contract for the next season. This would have left the French engine supplier with no team contracts, forcing them out of the sport. In the end, Red Bull was unable to find a supplier and decided to return to Renault.
“Renault had two options: to come back at 100 percent or leave,” said the chairman and CEO of Renault, Carlos Ghosn. “After a detailed study, I have decided that Renault will be in Formula 1, starting 2016. The final details supplied by F1’s main stakeholders gave us the confidence to accept this new challenge. Our ambition is to win–even if it will take some time.”
Renault is a veteran of Formula One, having almost 40 years of experience. They revolutionized the sport in 1977, when they introduced the turbocharged engine into the sport. They’ve also acted as a Formula One constructor twice in the sport of Formula One. They made their debut in 1977, as the Équipe Renault Elf team. At the end of 1985, they folded the team, but continued to supply engines. The Renault F1 Team return in 2002 and lasted until the end of 2010, after which they were the owner of the Lotus F1 Team for a single season.
The continued involvement of Renault in the sport of Formula One shows that the sport is vital for the company’s brand awareness. The positive image of Formula One and the estimated 450 million global television viewers promotes the brand of Renault. Renault will be using the team as an opportunity to develop the latest technology that can be used for their engines in Formula One, as well as their automobiles.
