Renault has finally confirmed its long-planned buyout of the Lotus Formula One team, sealing its return to the sport as a works entrant for the first time since 2009.
The company’s chairman and CEO, Carlos Ghosn, said: “Renault had two options: to come back at 100 per cent or leave. After a detailed study, I have decided that Renault will be in Formula One, starting 2016. The final details supplied by F1’s main stakeholders gave us the confidence to accept this new challenge. Our ambition is to win – even if it’ll take some time.”
Although not confirmed by the team, it’s been reported that Renault has made a nine-year commitment to the sport. The French brand previously owned the Oxfordshire-based squad from 2002 to 2010, winning the championship with Fernando Alonso in 2005 and 2006.
As part of its announcement, Renault expressed disappointment about its current partnership with Red Bull, saying: “The payback as an engine supplier was limited. The return on the investment necessitated by the new engine regulations and the return in terms of image were low.”
For its part, Red Bull will continue to use Renault engines in 2016. However, they will be badged with the name of watch brand TAG Heuer and developed separately by Swiss engineering consultant Mario Illien.
It’s believed the Milton Keynes-based team is continuing to look for a longer-term engine partner for the 2017 season and beyond, while the Red Bull ‘junior’ squad Toro Rosso is set to use one-year-old Ferrari engines for 2016 at least.
Lotus had previously announced British GP2 champion Jolyon Palmer and Venezuelan Pastor Maldonado as its drivers for the 2016 season and it’s believed they will retain their seats in the transition to Renault ownership.
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