The ongoing saga surrounding Renault’s status in Formula One took another turn after it was announced that the French automaker has signed a letter of intent with Gravity Motorsports, an affiliate of Genii Capital SA, to acquire a controlling stake in Lotus’ F1 Team. The expected acquisition is considered the first step towards the company’s return to Formula One racing as a full-scale constructor since it sold a 75 percent stake in its old team to the Genii Capital investment company in 2009.
The automaker sold its remaining 25 percent stake to Genii in 2010. Since then, Renault turned its attention away from being a constructor, opting instead to keep its involvement in F1 as an engine supplier for a handful of teams, including Red Bull Racing, which dominated the series from 2010 to 2013.
Now it appears that Renault’s ready to throw its name back in the series as a constructor, fulfilling company CEO Carlos Ghosn’s promise that Renault would cease in its role as an engine supplier and turn its attention towards purchasing a team of its own or withdrawing from the sport entirely. The new agreement to essentially buy back the shares it sold to Genii means that the Renault’s back in business a full-scale constructor beginning in 2016.
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