Renault edges closer to Lotus buyout

Date published: July 29 2015

It looks like it is only a matter of time before Renault Sport F1's takeover of Lotus is officially confirmed.

Renault is currently supplying power units to Red Bull and Toro Rosso, but the French manufacturer revealed several months ago that it is "considering its options" and securing a works team is one of the possibilities while another was a total withdrawal from the sport.

First Toro Rosso were linked before it became clear that the company have set their sights on Lotus, a team they owned from 2002 until 2011.

F1 supremo Bernie Ecclestone has already confirmed that a team racing under the Renault name will be declared a historic team and receive a large financial boost.

Although the French company hasn't made a final decision yet, managing director Cyril Abiteboul says they now have a clear vision about their future in Formula 1.

"Nothing is done as of yet, but we are much further down the road and we are much closer to a conclusion and a decision," he told ESPN. "We are much clearer on why we want to be in F1 and also we are much clearer on the value of the sport and the sort of cost and budget we think we should allow. We are clear also on the conditions that are required to have a successful involvement in Formula One and what we want to do and what we don't want to do. So, a lot clearer internally, but nothing to express.

"We will have some news in the second half of 2015 and some news on what we will do beyond 2016 because at this point in time our plans are made and fixed for 2016, which is that we have a binding contract with Red Bull and Toro Rosso, which we will be allowing. We are making plans in that respect and start to work on engine parts in that respect."