Renault Returns As A Works F1 Outfit By Buying Back The Same Team It Sold Five Years Ago

At the end of the 2010 season, Renault sold its majority stake in its F1 team and opted to switch to engine supplying. The Enstone-based outfit was transformed into Lotus but hit severe financial issues this year.

Renault announced in September a letter of intent had been signed to takeover Lotus F1 once again, meaning Renault would return as a works squad in 2016. Now we finally have confirmation that it will return to Enstone four years after bowing out.

Renault had two options for its future in F1: the first was to leave completely, and the second was to takeover Lotus. Now we know the decision the car firm made.

Carlos Ghosn, chairman and CEO at Renault, said:

“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.”

Competing in F1 solely as an engine supplier produced “low” returns on investment, according to Renault. Some details still need to be finalised, but the principal contracts have been signed and more information will be announced in January.

Renault has a long and successful history in F1, which started in 1977. It has claimed 168 race wins, 12 constructors’ titles and 11 drivers’ championship, spending time in the sport as an engine supplier, a team or - at times - both.