2016 F1

Renault bought back Lotus F1 team for 1 British pound

Renault bought back Lotus F1 team for 1 British pound

Renault bought back Lotus F1 team for 1 British pound

French carmaker Renault bought back its former works team Lotus for a single British pound.

That is the finding of F1 business journalist Christian Sylt, who wrote in the Telegraph that company documents show only 1 pound actually changed hands as Renault bought a 90 per cent stake in the Enstone based team.

In the fallout of the so-called ‘crash-gate’ scandal at the end of last decade, Renault had sold its formerly championship-winning works team to the private equity firm Genii.

Sylt, writing with Caroline Reid, added that Genii recorded a $274 million loss between buying the team and selling it back to Renault just before Christmas.

Genii has, however, now retained a 10 per cent stake, with the firm’s Eric Lux also revealing that the team is “in discussion with several parties for a long-term title sponsorship”.

Loading...

Comments

ThisisF1.com is not affiliated with Formula 1, Formula One Management, Formula One Administration, Formula One Licensing BV, Formula One World Championship Ltd or any other organization or entity associated with the official Formula One governing organizations or their shareholders. Copyrighted material used under Fair Use/Fair Comment.

References
We could use the following leading F1 news sources for stories: SkyF1, BBC F1, Autosport, ESPN F1, FIA Media Center, MotorSport, JamesAllen and others leading authors blog.

All Rights Reserved © 2017 Prime Sport Media

To Top