LIFELINE FOR LOTUS F1?: Renault could purchase a majority stake in the struggling Lotus F1 team. Image: AP / Joseph Nair
Paris, France - French automaker Renault said on Monday it had signed a letter of intent to take a controlling stake in the cash-strapped Lotus Formula 1 team.
Earlier in September Wheels24 reported that Renault was poised to buy majority stake in the ailing Lotus F1 team.
Renault said it had struck a deal with the Lotus team's current owners Genii Capital and said it marked the manufacturer's "first step towards the project of a Renault F1 team from the 2016 racing season."
Lotus locked out Japanese GP paddock
Due to their financial problems, Lotus were embarrassingly locked out of paddock hospitality at the Japanese GP this weekend (September 26-27) and left anxiously waiting for their engines before the race.
Read: Mercedes await Red Bull, Renault engine news
Despite the pre-race problems, the team's French driver Romain Grosjean finished seventh in the race at Suzuka.