Deals
Renault Seals Lotus Deal, Signaling Full Return to Formula 1
- French carmaker to run its own team after six-year absence
- CEO Ghosn says F1 has `enormous' potential yet to be tapped
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Renault SA said it signed principal contracts for the takeover of the U.K.-based Lotus Formula 1 team, paving the way for the French carmaker to return to world motor sport’s premier competition next year after last competing as a constructor in 2009.
The purchase was agreed on Dec. 3 and will be completed “in the shortest time-frame possible,” Renault said in a statement Friday. Details of the Boulogne-Billancourt-based company’s plans for the 2016 championship will be announced in January.