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Lotus avoids administration after Renault LOI
The Lotus Formula 1 team has avoided going into administration once more after a court adjourned its hearing following news that Renault would buy a majority stake in the squad. London's High Court had given Lotus until today to conclude a deal with Britain's tax authority, HMRC, over unpaid taxes. A judge on Monday adjourned the case once again, until December 7. The Reuters news agency reported that HMRC would be paid imminently and that did it not oppose the adjournment. Renault said in a statement on Monday that it had signed a letter of intent to purchase the Formula 1 team. "The signature of this Letter of Intent marks Renault's first step towards the project of a Renault Formula...
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10y ago from Motorsport.com
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