Renault signs letter of intent before Lotus court date

Sep.28 (GMM) A letter of intent from Renault could help Lotus avoid sliding into administration later on Monday.

Despite spending the weekend locked out of its hospitality unit at Suzuka, the financially-crippled Enstone team ended the Japanese grand prix declaring it is now positive about the future as Renault is set to make an announcement.

That announcement came early on Monday morning, just before the London high court is set to return to the matter of Lotus' unpaid tax bills.

However, Renault's announcement was not that the buyout deal is done, but only that the French carmaker has signed a 'letter of intent.

It relates to "the potential acquisition by Renault of a controlling stake" in Lotus, the press release said.

"The signature of this letter ... marks Renault's first step towards the project of a Renault formula one team from the 2016 season", it added.

"Renault Group and (Lotus owner) 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," Renault declared.