Talks with Renault for the takeover of the struggling Lotus Formula One team are almost done, according to owner and principal Gerard Lopez.

“I understand that Renault still have some things which they need to clear with Formula One and FOM (Formula One Management), but as far as we are concerned we are pretty much at a deal now,” he said.

“It won’t be me finished because they have asked me to stay on, so when the deal happens, I will stay on,” added the Luxembourg-based businessman, who will retain a minority shareholding.

Talks between Renault, who previously owned the British-based team, and Lotus have been going on for months but a long-awaited announcement could come at next week’s season-ending Abu Dhabi Grand Prix.

Renault said in September it had signed a letter of intent to take a controlling stake in the former champions, who have fallen on hard times that left them in danger of going into administration.

The High Court in London has given them until Dec. 7 to finalise the deal and settle pressing issues, with significant sums owed to Britain’s tax authority.

A sticking point in the negotiations with FOM has been so-called ‘heritage payments’ that the French manufacturer wants agreed before confirming its return as a works team.