Thomas Hinss
Aussie Commentator and Writer
The French automotive giant has finalised its deal after months of rumours roaming around the Formula One paddock, with its lawyers telling an insolvency judge, “We have the keys, so to speak."
As a constructor the team has won four F1 drivers’ titles – two as the Benetton team in 1994 and 1995 with the legendary Michael Schumacher, as well as two more ten years later in 2005 and 2006 as Renault with Fernando Alonso.
A bankruptcy petition that would have put the team into the dreaded state of administration was formerly dismissed. In 2009, after a fall from grace during the 2008 season both in form and reputation following the Nelson Piquet Jr. incident at the Singapore Grand Prix, the team was sold by Renault to Genii Capital. This decision meant the French manufacturer was no longer a constructor in the sport, however they did continue in Formula One as an engine manufacturer .
The manufacturer found a string of successes with Red Bull and Sebastian Vettel winning four straight world titles between 2010 and 2013. However, the relationship soured between the two after Renault’s inability to build a competitive V6 power unit, following rule changes for the 2014 season. As a result, Red Bull - who had a contract with the manufacturer until 2016 - broke it off in the summer in an attempt to find a different engine supplier.
A row with F1 commercial boss Bernie Ecclestone over prize money put Renault’s buy-out of Lotus in doubt, but an agreement was eventually reached, with some sources claiming the French giant’s commitment to the sport may go until 2024.
The team’s drivers for next season will be Venezuelan Pastor Maldonado and British rookie Jolyon Palmer, who drove for Lotus as a reserve driver during the 2015 season. Interestingly, both drivers were signed by Lotus while the rumoured Renault takeover was in doubt. The job of Team Principal is expected to be taken by Frenchman Frederic Vassuer, whose successful team ART Grand Prix won the 2015 teams’ championship in the GP2 feeder category.
Do you think Renault will be successful in their return to Formula One as a team?
