Renault have this morning confirmed signature on a letter of intent regarding the potential acquisition of the Lotus F1 team. At this time there has been no formal public response from the Lotus F1 Team of Gravity Motorsport, but it is likely this notification will lead to the sale of the team which should serve to resolve the immediate cash flow issues faced by the team.
In the short press release from Group Renault, a keen emphasis is placed on the long association Renault have with Formula One, it can be expected this history will place a significant role in the rebranding of the Enstone based team.
The announcement makes no reference to the relationship between Red Bull Racing and Renault, with the latter formally under supply agreement for 2016. Further news on this should be expected in the coming days and weeks. No mention has been made around the Power Unit the team will use in 2016, logically it can be assumed the team will run the Renault unit, despite agreements in place with Mercedes Benz. Renault have elected to focus power unit developments on the 2016 program rather than introducing upgrades through the token system in 2015, no doubt significant strides will be made in 2016 regarding performance and reliability.
Sponsors and Driver Line up developments will be of particular interest, with Renault likely to transfer Infiniti and Total Agreements from Red Bull Racing to the Renault team.
Pastor Maldonardo has been announced as a 2016 driver for the Lotus F1 team, the Venezuelan brings substantial national backing to team in the form of PDVSA branding. It will be interesting to see if the team which will act under a new legal entity maintain this contracted commitment.
Romain Grosjean is expected to announce his departure from the team on tomorrow moving to the newly formed Haas F1 team. Possible replacements include Esteban Ocon & Jolyon Palmer. It should also be noted with the possible departure of Red Bull Racing from the sport Daniel Riccardo, Daniil Kvyat, Max Verstappen and Carlos Sainz may also be seeking a seat in 2016.