Group Lotus returns to F1 after deal with Genii Capital

Group Lotus and Genii Capital today announced a strategic alliance whereby the former will gain a majority stake in Renault F1 team, which has been re-christened to Lotus Renault GP.

The two parties informed that they have concluded a title sponsorship agreement that will run until the end of the 2017 season.

The move follows Renault selling its minority stake in Renault F1 team to Genii Capital.

Renault however will continue as the engine supplier, and will provide technological and engineering expertise to the team, with which it won the 2005 and 2006 world championships.

''Reflecting this technological support, Lotus Renault GP will continue to compete with the Renault chassis name,'' the company said in a statement.

Speaking about the ambiguity with the name Lotus, Group Lotus CEO, Dany Bahar, said, ''We're well aware that there has been a lot of controversy around the usage of our brand in F1 and I'm delighted to be able to formally clarify our position once and for all: we are Lotus and we are back.''