Renault have signed a letter of intent to buy a controlling stake in Lotus to create a new Formula 1 team for 2016.
The full statement read as follows: “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 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.
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“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.”
Here’s how twitter reacted :
Renault have signed a Letter of Intent to acquire a controlling share in Lotus >> http://t.co/RzrVTjxiNn #F1 pic.twitter.com/GZsiOnOIDl
— Formula 1 (@F1) September 28, 2015
Renault will step in to save Lotus from administration in HMRC hearing on Monday #F1 http://t.co/Ct9FZCiw5p pic.twitter.com/0lCKlK7pzB
— Autosport (@autosport) September 26, 2015
Lotus CEO Matthew Carter says Renault's buy-out of Lotus is close to being sealed.http://t.co/EE6FgyF5L4 pic.twitter.com/vYiFUkHvRO
— BBC Sport (@BBCSport) September 26, 2015
BREAKING NEWS: Renault confirm they will buy a controlling stake in Lotus. Full story: http://t.co/SkMO8ybOsO #SkyF1 pic.twitter.com/QfMxTsmHHB
— Sky Sports F1 (@SkySportsF1) September 28, 2015
Renault signs a letter of intent with Lotus regarding 'potential' takeover #F1 http://t.co/1sTFOeHxLy pic.twitter.com/FayzbukHwV
— Autosport (@autosport) September 28, 2015
Renault F1 team moves a step closer: signs letter of intent with Lotus F1 owners http://t.co/oV1u2blxcy
— James Allen (@Jamesallenonf1) September 28, 2015
Signature of a letter of intent between Renault Group and Gravity Motorsports S.A.R.L http://t.co/5mxBgNpDdO pic.twitter.com/ZjgcvBBm1D
— Renault Sport (@RenaultSport) September 28, 2015
Stop press! Renault takes first formal step to having its own F1 team again; underscores marque 's 38-year commitment to top end motorsport
— Steve Cropley (@StvCr) September 28, 2015
Toleman-Benetton-Renault-Lotus-Renault. So it's Benetton after this.
— Pablo Elizalde (@EliGP) September 28, 2015
https://twitter.com/bigjoelloyd/status/648421272859361280
Renault announce signature of a letter of intent with Genii Capital regarding the potential acquisition of a controlling stake in Lotus.
— Sky Sports F1 (@SkySportsF1) September 28, 2015
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Letter of intent from #Renault to buy #Lotus. Still very vague with many ifs… #JapaneseGP #F1 pic.twitter.com/hTb2ivLmVb
— Bianca Garloff 🏁 (@bgarloff) September 28, 2015
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