News Details
Renault only paid one pound to Lotus
It has emerged that Renault, in its return as a Formula One works team in 2016, has completed the takeover of Lotus F1 Team for a single pound. Renault takes 90% of the shares, while previous team owner, Genii Capitals retains a 10% stake. British paper Telegraph reported that French car manufacturer Renault paid only an emblematic amount to Belgian investment company Genii Capitals for taking back the Enstone-based F1 squad. However, Renault has to settle all the unpaid bills and debts Genii Capitals piled up over the years. Renault retired from Formula 1 as works team in 2010. The team which was renamed to Lotus has been in financial troubles since then. The squad has made a loss of EUR...
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