Renault F1Renault has given loyal Formula 1 workers in Enstone, Oxfordshire the best possible Christmas present by confirming it has completed the purchase of the Lotus F1 Team.

After signing a letter of intent to buy the team in September, a lengthy period of negotiations ensued.

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This was completed on 3 December; since then, says Renault,  “all parties involved have been working relentlessly to comply with all of the contractual and legal obligations under the agreements to enable the transaction to successfully complete”.

Last Friday, the transaction was indeed successfully completed – and the team is confident its 2016 racer will be ready for testing in Barcelona at the end of February.

Just prior to this first testing session, Renault F1 will announce its new team name, management structure, team partners and other key details during an event it plans to hold in Paris.

Renault’s already appointed a new board of directors though: Jérôme Stoll as Chairman and Cyril Abiteboul as Managing Director.

The news means the Enstone team will once again be known as Renault – after the French brand sold its F1 team to Genii Capital in 2009 and headline sponsor Group Lotus renamed the team in 2012.

Genii remains a shareholder in the team; Group Lotus terminated its title sponsorship arrangement in 2011 but the team retained the Lotus F1 Team name.