Renault to return to Formula 1 in 2016

Renault has announced it will be returning to Formula 1 in 2016 as a full works team, and is in the final stages of negotiations for a buyout of the financially troubled Lotus F1 team.

The French car maker initially signed a letter of intent with Lotus in September, but the slow process of the buyout fuelled speculation that Renault had got cold feet about a full return to Formula 1.

Sky Sports reports some of this was down to disputes between the group and F1 chief executive Bernie Ecclestone over historic prize money payments.

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"Renault had two options: to come back at 100 per cent or leave. After a detailed study, I have decided that Renault will be in Formula 1, starting 2016," said Renault CEO Carlos Ghosn of the company's decision to re-enter the championship with a works effort.

Since selling its final stake in what became Lotus Renault F1 in the 2011 season, Renault has continued in the sport as an engine supplier, most notably to Red Bull Racing, which won four constructors' and drivers' world titles between 2010 and 2013.

However, since the sport's change to V6 hybrid power-trains in 2014, Renault's engines have been behind that of the competition, and the once championship-winning partnership with Red Bull has turned sour.

After several public outbursts by the Red Bull team, expressing frustration with Renault, the two squads have parted ways for 2016.

Renault believes a fresh start as a full team will provide maximum benefit from victories, and the brand will be much more visible than the limited opportunities afforded from only supplying engines. Ambition is high, and Renault hopes to win, even though it admits this could take some time.

The Lotus team it will buy is the same team Renault last sold, and the Enstone base of operations it will take over is the same factory the French manufacturer worked out of for its 2005 and 2006 world championships.

Renault has historically entered in and out of running a Formula 1 team since its first entry into the sport in 1977.

The new team entering in 2016 marks its third stint as a full F1 team, and Autocar understands that it is committing to F1 for nine years – until the end of the 2024 season.