After months of wrangling Carlos Ghosn has announced that Renault will return to Formula 1 with Lotus but are still finalising the acquisition of the F1 team.
As the French manufacturer’s relationship with principal customer Red Bull Racing broke down this season reports emerged claiming that Renault would either walk away from F1 or become team owners.
The latter became the preferred option with Renault signing a letter of intent to purchase Lotus back in September, however that was followed by months of protracted wrangling.
Earlier this week, though, the principal contracts were signed and Renault have confirmed they are returning to F1 as a works team.
“Renault had two options: to come back at 100 percent or leave. After a detailed study, I have decided that Renault will be in Formula 1, starting 2016,” said Ghosn, Chairman and CEO, Renault.
“The final details supplied by F1’s main stakeholders gave us the confidence to accept this new challenge. Our ambition is to win–even if it will take some time.”
Their takeover the Lotus team is, however, still in the pipeline.
A statement reported that “work continues on finalising the terms of the acquisition of Lotus F1 Team in the shortest timeframe possible.”
It added: “The Lotus F1 Team effectively stands out as the best partner. Renault and Lotus F1 have known each other for 15 years and were world champions together in 2005 and 2006.
“Renault’s decision to continue its involvement in Formula 1 is confirmation that it sees motorsport as an essential part of the brand’s identity.”