Lotus has won another two-week breathing space in insolvency proceedings brought against the Formula One team by the taxman.
Advertisement
Both the Red Bull Racing Formula One team and Nissan and Infiniti have reached a mutual agreement to discontinue their partnership in the iconic sport at the end of December this year.
Renault has ended months of speculation about its Formula 1 future by confirming it will be taking over the Lotus team to resurrect a works outfit in 2016.
“We are in a different territory now”, a lawyer for the team told the court.
Renault chairman Carlos Ghosn said: “Renault had two options: to come back at 100 percent or leave”. “After a detailed study, I have decided that Renault will be in Formula One, starting 2016. Their technical partnership with Ilmor gives us confidence, and we look forward to the 2016 season”.
In September, Renault announced its intention to take over the cash-strapped Lotus team.
Nissan and Infiniti will drop its advertising of Red Bull Racing Formula One cars in December, a year earlier than expected. Red Bull Racing will join forces with TAG Heuer to create a range of original media content, in particular for social media networks and for new events platforms.
This announcement comes short after Red Bull let us know they’ll be racing with TAG Heuer branded Renault engines in 2016 and marks the first time since 2010 that Red Bull and Infiniti haven’t been associated with each other.
“Mario Illien will co-operate with his Ilmor company as a consultant with Renault to help development”.
Advertisement
Lotus, formerly owned by Renault before a race-fixing scandal broke in 2009, have limped to the finish line this season with current owners, Luxembourg-based Genii, injecting only enough cash to keep the team alive.
