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Renault completes takeover of Lotus F1 team
Renault has officially completed its takeover of the Lotus F1 team. At a hearing in the High Court in London today, a lawyer for the French manufacturer confirmed that the takeover had been completed, that all debts had been paid including that to the British tax authorities. 'We have a completion of the share purchase,' the lawyer told the Mr Justice Birss at the hearing which formally dismissed the insolvency petition that would have put the team into administration. 'We have the keys, so to speak,' he added, according to Reuters. 'The insolvency procedure has worked in the way intended,' said Birss in summing up, the Lotus F1 team is saved and its debts paid in full. Meanwhile, Alain...
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