<< Return to the news list

Lotus sold for 1 pound to Renault

Published on 28 Dec 2015 12:05
3
By: Danny Sosef

French carmaker Renault bought back its former works team Lotus for a single British pound. That is the finding of F1 business journalist Christian Sylt, who wrote in the Telegraph that company documents show only 1 pound actually changed hands as Renault bought a 90 per cent stake in the Enstone based team.

In the fallout of the so-called 'crash-gate' scandal at the end of last decade, Renault had sold its formerly championship-winning works team to the private equity firm Genii.

Sylt, writing with Caroline Reid, added that Genii recorded a $274 million loss between buying the team and selling it back to Renault just before Christmas. Genii has, however, now retained a 10 per cent stake, with the firm's Eric Lux also revealing that the team is "in discussion with several parties for a long-term title sponsorship".

F1 News Renault Lotus F1

<< Previous article Next article >>

Replies (3)

calle.itw

Posts: 8,527
It wasnt unexpected, it is quite common for companies to be sold for just 1 pound when they are taken over, it is more of a symbolic sum. MFI was taken over in a similar way a few years ago. To think that they handled it so badly that they actually lost that much cash is a bit odd though. Will be interesting to see if they'll manage to claim a title sponsor before the start of the 2016 season.
- + 0
- Dec 28 2015 - 12:38
khasmir

Posts: 893
That will be 1 pound + all debts and unpaid bills ;)
- + 0
- Dec 29 2015 - 18:22
- calle.itw
  
  Posts: 8,527
  Very much so.
  + 0
  
  Jan 2 2016 - 16:25