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Renault to buy controlling stake in troubled Lotus
French car maker Renault on Monday announced it would buy a majority stake in the financially stretched Lotus Formula 1 motor racing team in a move that could allow it return as a team in time for the 2016 season. Lotus, one of the sport's iconic names and the team that won world championships with Michael Schumacher and Fernando Alonso in previous guises of Benetton and Renault, are hoping to be rescued by Renault. "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....
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10y ago from SuperSport.com
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