After Renault has formally confirmed its return to Formula 1 as a fully fledged constructor earlier this month, Renault has now put the finishing touches of its takeover of the Lotus F1 Team in court today.
An insolvency petition was was dismissed and Renault’s lawyers told an insolvency judge, “We have the keys, so to speak,” via the BBC.
Renault has formally laid out its process in a release out Monday:
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.
So it means that Renault’s process of coming into F1 is now complete, and can go ahead continuing to focus on preparation for its 2016 chassis and power unit more than anything in the legal arena.
Pastor Maldonado and Jolyon Palmer will drive for the team in 2016.