The Lotus F1 Team has struggled due to large debts and was keen to be bought out by an established automaker, who eventually turned out to be Renault.
According to Motorsport, company accounts have confirmed that the French company had to shell out the princely sum of… £1!
Of course, Renault’s purchase of the Formula One squad involved much more than a pound simply being handed over between the company’s respective executives.
Genii Capital and Gravity Motorsports, who ran the Lotus F1 Team, have waived £98.2 million of shareholder loans and retain a 10 per cent stake in the F1 outfit, with 90 per cent going to Grigny, a subsidiary of Renault.
While Renault will be re-entering F1 as a factory team and is optimistic about its potential for 2016, we will wait until the first official tests how they’ll do.
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