Renault bought back Lotus for one pound
Honda F1 website
Honda website

DECEMBER 28, 2015

Renault bought back Lotus for one 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".

(GMM)

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