Renault boss confirms F1 return

After much speculation regarding the future of the financially struggling Lotus F1 Team, Carlos Ghosn, Chairman and CEO of Renault, has confirmed that Renault will be buying out the team to see Renault return to Formula One as a full works team.

“Renault had two options: to come back at 100 percent or leave. After a detailed study, I have decided that Renault will be in Formula 1, starting 2016. The final details supplied by F1’s main stakeholders gave us the confidence to accept this new challenge. Our ambition is to win - even if it will take some time,” Ghosn said.

The buyout has confirmed the future of the Enstone team, which has had outstanding debts throughout the year. The team were disallowed access to their hospitality area in Suzuka as a result of this, as well as freight arriving late, being short on spare parts, and even stories of bailiffs at Spa.

The finishing touches to the buyout are being made, but the principal contracts were signed today (Wednesday 3 December). Renault have said they will provide further details in January.

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