Official: The Renault team is underway for 2016

The information had been in the pipeline for several months and has now been confirmed by Renault in a statement this morning. The French company is taking its first step towards the official announcement of its return to Formula 1 as a constructor.

A letter of intent for acquisition has been signed between the diamond brand and Genii Capital, which holds the majority of the shares of the Lotus F1 team.

Renault therefore officially confirms its ambition to return as a team in F1 starting from the 2016 season: Renault Group and Gravity Motorsports S.a.r.l., a subsidiary of Genii Capital SA, are pleased to announce the signing of a Letter of Intent regarding Renault’s potential acquisition of a majority stake in Lotus F1 Team Ltd. The signing of this Letter of Intent marks the first step towards the project of a Renault team in Formula 1 in 2016, thus continuing the brand’s 38-year commitment to the pinnacle of motorsport. Renault Group and Gravity Motorsports S.a.r.l. will work together in the coming weeks to transform this letter of intent into a definitive agreement, provided that all terms and conditions between them and with stakeholders are fulfilled, states the press release issued today.

For the moment, no further details are known regarding the management of this future team. Only the signing of Pastor Maldonado as a 2016 race driver was announced alongside the Japanese Grand Prix. Earlier in the week, Alain Prost stated that he would probably not be the sporting director of the future Renault team.