Renault confirms F1 returnposted in F103 | 12 | 2015
RENAULT HAS CONFIRMED it will return to Formula 1 in 2016 as a full-time works outfit. The announcement was made by Renault chairman and CEO Carlos Ghosn.
Renault has signed principal contracts with regard a takeover of the Lotus F1 team, after six months of protracted negotiations.
The French car manufacturer also confirmed that work continues on finalising the terms of the acquisition, believed to be worth €100m, 'in the shortest timeframe possible'.
"Renault had two options: to come back at 100% or leave," Ghosn said. "After a detailed study, I have decided that Renault will be in Formula 1, starting 2016.
"The final details supplied by F1's main stakeholders gave us the confidence to accept this new challenge.
"Our ambition is to win, even if it will take some time."
It's understood the deal — which followed intensive discussions with F1 supremo Bernie Ecclestone at the season finale in Abu Dhabi — sees Renault commit to F1 for nine years, through to the end of the 2024 season.
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Renault went to great lengths in a statement to explain its return, claiming the French marque failed to gain much credit for the four consecutive years of success with Red Bull from 2010-13.
"As a full team, Renault will take maximum benefit from its victories," the statement read.
"The payback as an engine supplier proved to be limited. The return on the investment necessitated by the new engine regulations and the return in terms of image were low.
"The Lotus F1 Team effectively stands out as the best partner. Renault and Lotus F1 have known each other for 15 years and were world champions together in 2005 and 2006.
"Renault's decision to continue its involvement in Formula 1 is confirmation that it sees motorsport as an essential part of the brand's identity.
"The championship serves as a showcase for the technological expertise that Renault dials into its products for the benefit of its customers.
"Formula 1 is a means for Renault to accelerate development and remain at the forefront of the sport's technological progress.
"It simultaneously allows Renault to build bridges between the advanced technologies seen in the world championship and its road cars, particularly in the fields of electric and hybrid vehicles."
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Jim McGill