French auto manufacturer Renault said Monday it had signed a letter of intent to take a controlling stake in the cash-strapped Lotus Formula One team.
Renault said it had struck a deal with the Lotus team’s current owners Genii Capital and said it marked the manufacturer’s “first step towards the project of a Renault Formula 1 team from the 2016 racing season.”
Due to their financial problems, Lotus were embarrassingly locked out of paddock hospitality at the Japanese Grand Prix this weekend and left anxiously waiting for their engines before the race.
Despite the pre-race problems, the team’s French driver Romain Grosjean finished seventh in the race at Suzuka.