Renault is one step closer to re-entering Formula One as a factory team after signing a letter of intent to acquire a controlling stake in the existing Lotus F1 Team.

A statement released by Gravity Motorsports which is an affiliate of Genii Capital, confirmed that the company will work alongside Renault to complete the takeover.

“Renault Group and Gravity will work together in the coming weeks to eventually turn this initial undertaking into a definitive transaction provided all terms and conditions are met between them and other interested parties.”

Although details about the deal aren’t known, it is reported that the French automaker is preparing to purchase a 65 per cent stake in the Lotus F1 team for 65 million euros. Of that 65 million, 7.5 million euros will act as a downpayment while the remaining money will be paid in the next 10 years. Meanwhile, Lotus F1 team co-owner Gerard Lopez is pencilled in for a 25 per cent stake in the F1 outfit while Alain Prost will acquire the last 10 per cent.

It is reported that Renault has been prompted to return to Formula One as its relationship as an engine supplier with Red Bull Racing has soured in the last two seasons.

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