Renault announced it signed a letter of intent to "buy back a controlling stake in Lotus," according to William Esler of SKY SPORTS. After "protracted takeover talks with Lotus's owners, Genii Capital," the declaration "marks the beginning of Renault returning to Formula 1 as a full works team." The deal "should safeguard the future of the beleaguered outfit," which subsequently had its case over an unpaid tax bill from U.K. tax authority HMRC adjourned for 70 days until Dec. 7. Four-time world champion Alain Prost will reportedly "take a senior role in the running of the new Renault team, perhaps in a similar position to that held by Niki Lauda at Mercedes." Craig Slater of Sky Sports reported, "Renault have made a loan available to Lotus to cover this outstanding tax bill so that has been paid off. However, the administration case has not been dropped. Because it has been adjourned rather than dropped it means it stops other creditors bringing legal petitions against Lotus in that period." Lotus spent the Japanese GP weekend locked out of its team hospitality unit "due to unpaid bill from last year's race," and F1 CEO Bernie Ecclestone "had to step in" to feed its mechanics and staff (SKY SPORTS, 9/28). The BBC reported Renault, whose engine partnership with Red Bull appears to be heading for a "messy divorce," said that the move to buy the Lotus team "represents the ambition" to extend its 38-year involvement in F1. The French company previously ran its own F1 team from '77-85 and '02-10, winning the drivers' and constructors' championships in '05 and '06 when Fernando Alonso drove for it. Lotus announced last week that Venezuelan driver Pastor Maldonado, 30, would be staying at the team next year, but its other driver "has yet to be decided." French driver Romain Grosjean, 29, "is expected to leave" to join the new U.S.-based Haas team, which is announcing at least one of its drivers on Tuesday. The original Lotus team, founded by Colin Chapman, first competed in F1 in '58 "before collapsing with financial difficulties" in '94 (BBC, 9/28). REUTERS' Estelle Shirbon reported Renault announced that it had signed a letter of intent on the "potential acquisition" of a controlling stake in Lotus with Gravity Motorsports S.a.r.l., an affiliate of Genii Capital. Lotus missed three payments to HMRC of £905,000 ($1.37B) each "in relation to income tax and national insurance contributions" that were due for the months of July, August and September (REUTERS, 9/28).
POISED TO RETURN: The LONDON TIMES reported Renault's return to F1 would represent a "major boost to the sport amid a difficult season" that has been dominated by Mercedes, with "traditional powerhouse team McLaren struggling" and concerns that Red Bull "could quit after falling behind its big rivals." With Renault, F1 would return to a grid with "at least three teams fielded by engine manufacturers." Ferrari and Mercedes are the others. It would also complete "something of a circle: the Renault team." Returning to the "hugely expensive sport also represents something of a gamble" by Renault at a "difficult time" for the car manufacturing industry, which has been under the spotlight following revelations about Volkswagen's "rigging of emissions data" in the U.S. (LONDON TIMES, 9/28).
