The French car giant Renault has officially completed its takeover of the Lotus F1 team and will return to F1 as a factory team in 2016 season.
That is what a lawyer for the French carmaker on Monday told an insolvency judge in London, signalling an end to Lotus’ financial struggles and the completion of the Renault buyout deal.
It is understood the judge was satisfied that a share purchase agreement between Lotus and Renault is now in place, with the new owners now pledging to pay all creditors by the last day of the year.
The BBC quoted the lawyer as telling the judge: “We (Renault) have the keys, so to speak.”
In September, Renault announced its intention to take over the cash-strapped Lotus team.
The judge, who was told that Renault now “have the keys”, said he was very happy that the insolvency procedure had allowed the company to be rescued and the creditors paid.