Renault to take over Lotus F1 team for 2016

Sochi: Car manufacturer Renault have signed a letter of intent with the current owners of the Lotus Formula 1 team regarding its potential acquisition of the Enstone squad.

French manufacturer Renault has been locked in talks to take a 65 percent stake in the team for next year, marking its return to a full manufacturer entry.

"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," Renault said in a statement on Monday.

"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,” the statement added.

The announcement comes on the back of another trying weekend for Lotus at the Japanese Grand Prix.