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Renault issues 'letter of intent' ahead of Lotus hearing
Renault has announced it has signed a letter of intent to buy a controlling stake in the Lotus F1 team, on the morning of the team's High Court appearance with the threat of administration still a possibility. The French manufacturer has confirmed it has made the 'first steps' in taking over the team for the 2016 Formula 1 season and the deal is expected to be completed in the next couple of weeks. “Renault Group and Gravity Motorsports 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,” a statement from Renault read. “The signature of this letter of intent marks Renault's first step...
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