Renault To Complete Lotus F1 Acquisition On December 16

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French Formula 1 engine supplier Renault has stated it will be completing its takeover of the Lotus F1 team by December 16.

The carmaker told the British High Court that it will also pay off all creditors including the British taxation authorities by the end of the year.

Bailiffs impounded the Lotus F1 cars after the Belgian Grand Prix in August and the team were denied access to the paddock hospitality in Japan due to unpaid bills.

Renault, announced last week they would be returning to F1 as a full constructor by taking a controlling stake in Lotus.

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