Renault signs letter of intent with view to Lotus takeover

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Renault has signed a letter of intent confirming its plans to buy out Lotus F1 Team ahead of the 2016 Formula 1 season.

Lotus and Renault have been engaged in talks for many months about a possible takeover that will see the French manufacturer revive its works F1 team that has not raced since 2010.

Over the Japanese Grand Prix weekend, Lotus’ financial struggles came to a head as its team was left to rely on the rest of the paddock for food when its hospitality unit failed to arrive at Suzuka. The rest of its freight only got to Japan days late on Thursday.

Ahead of Lotus’ High Court hearing in England on Monday regarding unpaid tax bills, both parties have made an official announcement confirming that it has signed a letter of intent with a view to taking a controlling stake in Lotus.

“Renault Group and Gravity Motorsports S.a.r.l., an affiliate of Genii Capital SA, are pleased to announce the signature of a Letter of Intent regarding the potential acquisition by Renault of a controlling stake in Lotus F1 Team Ltd,” the statement reads.

“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.

“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.”

Renault had been in talks with F1 supremo Bernie Ecclestone about the historic payments that it can expect to receive upon reviving its works team, wishing to enjoy a status on par with defending champions Mercedes.

With an agreement now appearing to have been struck, Renault will now be pushing through the remaining details of its takeover before finalizing the deal and confirming its works return to F1 in the next few weeks.

Three-time W Series champ Jamie Chadwick joining Andretti in Indy NXT Series for 2023

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Jamie Chadwick, the three-time W Series champion, will drive for Andretti Autosport in the Indy NXT Series next season.

Chadwick will make her debut in an American racing series in March, driving the No. 28 for Andretti Autosport with sponsorship from DHL. The 24-year-old will become the first female driver in 13 years to compete full time in the Indy NXT championship.

Chadwick joined the female free-to-enter W Series in its inaugural 2019 season, winning two races and the first of three consecutive championships. She has been a reserve driver for the Williams Formula One team and will continue in that role in 2023. She also has driven in the Extreme E Series.

Despite her success, Chadwick hasn’t landed a bigger ride in F3 or F2, and her break didn’t come until Michael Andretti contacted her and offered a test in an Indy NXT car.

The final three races of this year’s W Series schedule were canceled when funding fell through, but Chadwick still believes the all-female series was the right path for her.

“W Series has always been and will continue to be an opportunity to be racing for every female driver, so for my side, I looked at it while perhaps I would have liked to step up maybe earlier, at the same time being able to have that chance to race, get that experience, have that development, seat time… I was constantly learning,” Chadwick told The Associated Press.

“In that sense, I wasn’t frustrated at all. But on the flip side of it, now I’ve had that experience testing in the United States in Indy NXT and this is something I’m really excited about.”

Chadwick also is expected to have an enhanced role as a development driver next season with Williams, which chose American driver Logan Sargeant to fill its open seat on next year’s F1 grid.

“Andretti Autosport is proud to be supporting Jamie alongside DHL,” said Michael Andretti. “Jamie’s successful career speaks for itself, but Indy NXT gives Jamie the opportunity to continue her development in a new type of racing.

“We’ve turned out five Indy NXT champions over the years and look forward to continuing our role in developing new talent.”

Indy NXT is the new name of the rebranded Indy Lights Series, the final step on the ladder system before IndyCar.

Andretti will field two drivers next season in IndyCar that were developed in Indy NXT: Kyle Kirkwood, the 2021 champion, will return to Andretti after one season in IndyCar driving for A.J. Foyt Racing, and Devlin DeFrancesco is back for a second season.

Chadwick will be teammates in Indy NXT with Hunter McElrea and Louis Foster. She becomes Andretti’s second full-time female driver alongside Catie Munnings, who competes for Andretti United in the Extreme E Series.