Renault has formally completed its takeover of the Lotus F1 team
Renault has finally completed its takeover of Lotus and will officially compete in Formula 1 from 2016 as a works entrant
The rubberstamping of the deal was effectively done on Monday at the High Court in London, with an insolvency petition formally dismissed.
Earlier this month Renault announced the signing of principal contracts with regard to it purchasing a majority stake in Lotus.
Both parties, however, were forced to head back to the High Court on December 7 to confirm to Justice Birrs a deal was all but concluded.
Lotus's case with HMRC, in respect of owing £2.7million in back PAYE, had twice previously been adjourned due to ongoing negotiations at the time with Renault.
Lotus then asked for a final 14 days to tie up all the loose ends with Renault, with payments to a long list of creditors - including HMRC - needing to be made, along with the signing of the all-important share purchase agreement [SPA].
Speaking to Autosport, Lotus CEO Matthew Carter said: "Everything has all gone through and is all completed. The payments to the creditors were released late last week.
"Today was effectively just a simple box-ticking exercise."
In court, lawyers representing Renault were able to inform Justice Birrs: "We have the keys, so to speak", allowing him to dismiss the case.
Via a statement, Renault confirmed its takeover of Lotus was completed on Friday.
The new team name, full management structure, team partners and other details are to be announced during an event to be held in Paris in February.
In the interim, a new board of directors has been appointed, with Jerome Stoll as chairman and Cyril Abiteboul as managing director.
Renault claim "the technical teams are making good progress to have the 2016 car ready for testing in Barcelona at the end of February".
Channel 4 replaces BBC as F1's free-to-air broadcaster from 2016
What will Channel 4 offer F1?
Who were the fastest drivers in F1 2022?
Who was the fastest driver in 2022? Everyone has an opinion, but what does the stopwatch say? Obviously, differing car performance has an effect on ultimate laptime – but it’s the relative speed of each car/driver package that’s fascinating and enlightening says ALEX KALINAUCKAS
LMP2 winner Allen 'wasn't breathing' in Daytona 24 photo finish
Proton Competition driver James Allen says he wasn't breathing when he drafted past Ben Hanley's Crowdstrike Racing by APR car to steal LMP2 victory in the Daytona 24 Hours.
Why floor designs have become a key F1 battleground
The new ground effect floor design is perhaps one of the biggest changes that Formula 1 teams have had to adapt to under the new rules era.
Rast had to "creep" over Diriyah FE line to beat Bird to third
Rene Rast had to "creep" over the Diriyah E-Prix finish line to keep hold of third over Sam Bird, having run out of energy in his McLaren Formula E car.
Who were the fastest drivers in F1 2022?
Who was the fastest driver in 2022? Everyone has an opinion, but what does the stopwatch say? Obviously, differing car performance has an effect on ultimate laptime – but it’s the relative speed of each car/driver package that’s fascinating and enlightening says ALEX KALINAUCKAS
Why F1's nearly man is refreshed and ready for his return
He has more starts without a podium than anyone else in Formula 1 world championship history, but Nico Hulkenberg is back for one more shot with Haas. After spending three years on the sidelines, the revitalised German is aiming to prove to his new team what the F1 grid has been missing
The potential-laden F1 car that Ferrari neglected
The late Mauro Forghieri played a key role in Ferrari’s mid-1960s turnaround, says STUART CODLING, and his pretty, intricate 1512 was among the most evocative cars of the 1.5-litre era. But a victim of priorities as Formula 1 was deemed less lucrative than success in sportscars, its true potential was never seen in period
Why Vasseur relishes 'feeling the pressure' as Ferrari's F1 boss
OPINION: Fred Vasseur has spent only a few weeks as team principal for the Ferrari Formula 1 team, but is already intent on taking the Scuderia back to the very top. And despite it being arguably the most demanding job in motorsport, the Frenchman is relishing the challenge
The crucial tech changes F1 teams must adapt to in 2023
Changes to the regulations for season two of Formula 1's ground-effects era aim to smooth out last year’s troubles and shut down loopholes. But what areas have been targeted, and what impact will this have?
Are these the 50 quickest drivers in F1 history?
Who are the quickest drivers in Formula 1 history? LUKE SMITH asked a jury of experienced and international panel of experts and F1 insiders. Some of them have worked closely with F1’s fastest-ever drivers – so who better to vote on our all-time top 50? We’re talking all-out speed here rather than size of trophy cabinet, so the results may surprise you…
One easy way the FIA could instantly improve F1
OPINION: During what is traditionally a very quiet time of year in the Formula 1 news cycle, FIA president Mohammed Ben Sulayem has been generating headlines. He’s been commenting on massive topics in a championship that loves them, but also addressing necessary smaller changes too. Here we suggest a further refinement that would be a big boon to fans
How can McLaren keep hold of Norris?
Lando Norris is no longer the young cheeky-chappy at McLaren; he’s now the established ace. And F1's big guns will come calling if the team can’t give him a competitive car. Here's what the team needs to do to retain its prize asset
Subscribe and access Autosport.com with your ad-blocker.
From Formula 1 to MotoGP we report straight from the paddock because we love our sport, just like you. In order to keep delivering our expert journalism, our website uses advertising. Still, we want to give you the opportunity to enjoy an ad-free and tracker-free website and to continue using your adblocker.