Should a final purchase be agreed, Renault can focus on which driver they wish to sign as a 2016 partner for Pastor Maldonado, the Venezuelan having been confirmed on the Sunday of this year's Grand Prix in Singapore. Though 2011 marked the withdrawal of a Renault team, they have continued to be involved as an engine manufacturer - indeed only Ferrari and Ford engines have claimed more victories in the sport. Renault have a long-standing history in F1 competition, with their first works team effort dating back to 1977. Such technology has never been used in a production car, and the result is instant, significant, lag-free acceleration. "Renault Group and Gravity will work together in the coming weeks to eventually turn this initial undertaking into a definitive transaction provided all terms and conditions are met between them and other interested parties." "The signature of this Letter of Intent marks Renault's first step towards the project of a Renault Formula 1 team from the 2016 racing season thereby extending 38 years of commitment of the brand to world's premier motorsport championship series.
The full statement from Renault Sport read: "Renault Group and Gravity Motorsports S.a.r.l., an affiliate of Genii Capital SA, are pleased to announce the signature of a Letter of Intent regarding the potential acquisition by Renault of a controlling stake in Lotus F1 Team Ltd. The signature of the letter, agreed between the Renault Group and Gravity Motorsports S.a.r.l - an affiliate of Lotus owners Genii Capital SA - is the first formal step towards the formation of a Renault Formula One team, which would compete from 2016.
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