Renault Group and Gravity Motorsports Sarl, a subsidiary of Genii Capital SA, have announced the signing of a Letter of Intent regarding the potential acquisition by Renault of a majority stake in Lotus F1 Team Ltd.
The signing of this Letter of Intent marks the first step in the project of having a Renault team in Formula 1 in 2016, continuing a 38-year commitment of the brand at the pinnacle of motorsport.
The Renault Group and Gravity Motorsports Sarl will work together in the coming weeks to turn this letter of intent into a definitive agreement, subject to all terms and conditions between both parties and stakeholders being realised.
Lotus are currently 6th in this year's F1 Constructors' championship with 60 points, with drivers Romain Grosjean in 9th position in the drivers' championship with 44 points, and Pastor Maldonado in 14th with 16 points. Lotus currently uses Mercedes engines this season.
