Car manufacturer Renault have signed a letter of intent with the current owners of the Lotus Formula 1 team regarding its potential acquisition of the Enstone squad.
French manufacturer Renault has been locked in talks to take a 65 percent stake in the team for next year, marking its return to a full manufacturer entry.
"Renault Group and Gravity Motorsports S.A.R.l., an affiliate of Genii Capital SA, are pleased to announce the signature of a letter of intent regarding the potential acquisition by Renault of a controlling stake in Lotus F1 Team Ltd," Renault said in a statement on Monday.
"Renault Group and Gravity will work together in the coming weeks to eventually turn this initial undertaking into a definitive transaction provided all terms and conditions are met between them and other interested parties," the statement added.
The announcement comes on the back of another trying weekend for Lotus at the Japanese Grand Prix.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app