Renault to complete Lotus takeover by 16th December

Lotus-F1_3160413

Renault confirmed on Monday that it will conclude its purchase of Formula 1 team Lotus by December 16.

Four days after Renault announced the singing of principal contracts for its takeover of Lotus, the two parties returned to the High Court on Monday.

During months of negotiations, the Lotus team was forced to head to the High Court to explain its failure to pay Her Majesty’s Revenue & Customs £2.7million in back PAYE for the months of June, July and August.

With talks ongoing, Justice Birrs twice adjourned the case before affording Lotus and Renault a 10-week grace period after the latter showed a letter of intent to conclude a purchase.

With that time up on Monday, but with a deal all but done, Lotus requested a final 14 days for everything to be finalised, with the case adjourned until December 21.

Renault confirmed in court to Justice Birrs a share purchase agreement [SPA] will be signed by December 16. It was revealed by magazine Autosport last week that the final details of the Lotus deal involved the transference of shares from former owners Genii Capital to Renault, which was estimated at the time to take up to 10 days.

By December 31, Renault anticipates all payments should have been made, or at least agreed.

The two sides will face one final appearance in front of Justice Birrs at which time it is anticipated the case will be dismissed.

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