Renault will complete Lotus F1 takeover on December 16

Renault has confirmed it will conclude its purchase of Formula 1 team Lotus by December 16

Renault will complete Lotus F1 takeover on December 16

Four days after Renault announced the signing of principal contracts for its takeover of Lotus, the two parties returned to the High Court on Monday.

During months of negotiations, Lotus was forced to head to the High Court to explain its failure to pay Her Majesty's Revenue & Customs £2.7million in back PAYE for the months of June, July and August.

With talks ongoing, Justice Birrs twice adjourned the case before affording Lotus and Renault a 10-week grace period after the latter showed a letter of intent to conclude a purchase.

With that time up on Monday, but with a deal all but done, Lotus requested a final 14 days for everything to be finalised, with the case adjourned until December 21.

Renault confirmed in court to Justice Birrs a share purchase agreement [SPA] will be signed by December 16.

Autosport revealed last week the final details of the Lotus deal involved the transference of shares from former owners Genii Capital to Renault, which was estimated at the time to take up to 10 days.

By December 31, Renault anticipates all payments should have been made, or at least agreed.

The two sides will face one final appearance in front of Justice Birrs at which time it is anticipated the case will be dismissed.

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