News Details
Renault purchased Lotus for £1
Renault bought a 90% stake in the struggling Lotus F1 team for just £1. The deal, concluded days before Christmas, sees the French manufacturer buy a 90% stake in the Enstone-based outfit it sold to Genii Capital in 2009. Whilst the original 2009 sale saw Renault take an £86m hit, further investment since then by Genii has seen a combined loss of £184m. According to the Daily Telegraph, the Enstone outfit's latest accounts reveal that in the year ending December 2014, revenue rose by 23.7% to £114.7m, thanks largely to Venezuelan state oil company PDVSA. This, combined with an 'aggressive cost-cutting plan', which began in early 2014, saw the Enstone team's net loss...
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