Renault Group and Gravity Motorsports announced today that a Letter of Intent has been signed for the acquisition by Renault of a controlling stake in Lotus F1 Team. In a statement Renault said, “The signature of this Letter of Intent marks Renault’s first step towards a Renault Formula 1 team from the 2016 racing season.” Yes, the French are buying a storied British team, may Colin Chapman rest in peace.
Renault Group and Gravity will work together on this initial undertaking into a definitive transaction provided all terms and conditions are met “between them and other interested parties.”
