Renault Buys Lotus F1 Racing Team

Renault SA has agreed to take control of the Lotus Formula One racing team, enabling it to return to the sport in 2106 as a constructor after a six-year absence. Details will be announced in January.

Renault last campaigned an F1 team in 2009. It has been an engine supplier to other teams since then. But its relationship with the championship-winning Red Bull team soured dramatically last year after new F1 engine rules knocked the team out of contention for another title.

Red Bull has agreed to continue using Renault engines through the 2016 season. But Renault CEO says this year’s lackluster result for Red Bull left the carmaker with the choice to “come back at 100%, or leave.”

Renault won two F1 championships in 2005-2006 as owner of the former Benetton team. When it exited six years ago, the team was relaunched under the Lotus banner.