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Renault formally completes Lotus takeover

Clive Mason/Getty Images

Renault has formally completed its takeover of Lotus, meaning an insolvency petition against the Enstone team has been dismissed by a British court.

Renault confirmed its takeover of Lotus in early December after prolonged discussions about its future in Formula One. On Monday a court case against Lotus, which had been adjourned to allow talks to continue, reconvened, allowing Renault's lawyers the opportunity to explain the takeover had been completed.

"We have a completion of the share purchase," a lawyer was quoted as telling a high court judge by Reuters. "We have the keys, so to speak."

HM Revenue and Customs has now withdrawn its application to put Lotus in administration due to unpaid tax.

Pastor Maldonado and Jolyon Palmer signed with Lotus earlier this year to drive for the team in 2016, but in an official statement Renault said "the new team name, full management structure, team partners and other details will be announced during an event to be held in Paris in February". In the interim, a new board of directors has been appointed, with Jérôme Stoll as Chairman and Cyril Abiteboul as Managing Director.