Renault have completed their takeover of the Lotus Formula One team and paid debts to creditors including the British tax authorities, the London High Court heard yesterday.

“We have a completion of the share purchase,” a lawyer for the French car company told the judge, Mr Justice Birss, at a hearing that formally dismissed an insolvency petition that would have put the team into administration.

“We have the keys, so to speak,” he added.

The share purchase agreement (SPA) that made Renault the controlling shareholder had been due for completion on Dec. 16 but the court heard that the acquisition was finalised only late last Friday.

Jeremy Bamford, counsel for the revenue and customs (HMRC), confirmed payment had been received and cleared yesterday. Other petitioning creditors said they had also been paid in full.

Lawyers for Proton, the Malaysian car company that owns the Lotus sportscar brand, did not attend the hearing with the court informed that the petitioner had either been paid or reached an arrangement.

The case had been adjourned repeatedly to allow Renault time to decide their Formula One future and complete the takeover of a team that employs some 480 people at their factory which is based in central England.

Renault, an engine supplier to former world champions Red Bull this season, are returning to Formula One as a full constructor by buying back the team they previously owned.