Lotus avoids administration after Renault LOI

The Lotus Formula 1 team has avoided going into administration once more after a court adjourned its hearing following news that Renault plans to buy a majority stake in the squad.

London's High Court had given Lotus until today to conclude a deal with Britain's tax authority, HMRC, over unpaid taxes.

A judge on Monday adjourned the case once again, until December 7.

The Reuters news agency reported that HMRC would be paid imminently and that it did not oppose the adjournment.

Renault said in a statement on Monday that it had signed a letter of intent to purchase the Formula 1 team.

"The signature of this Letter of Intent marks Renault's first step towards the project of a Renault Formula 1 team from the 2016 racing season, thereby extending 38 years of commitment of the brand to world's premier motorsport championship series," said Renault.

 

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About this article
Series Formula 1
Teams Lotus F1 Team
Article type Breaking news