Renault has signed a ‘letter of intent’ to buy troubled Formula One team Lotus, potentially averting the team’s collapse. The letter marks Renault’s first step towards the project of a Renault Formula One team from the 2016 racing season, thereby extending 38 years of commitment of the brand to world’s premier motorsport championship series.

Renault has acted to stay in F1 after the Red Bull and Toro Rosso sister teams angrily cancelled their contract with Renault a year early because the Renault power unit could not match the Mercedes and Ferrari equivalents.

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