F1: Renault expects Lotus news next week

Renault hopes to be able to finalise its takeover of the Lotus team next week, according to its Formula 1 managing director Cyril Abiteboul.

The French manufacturer has been working to take over the Enstone-based team for several months, with staff already joining Lotus personnel at the factory to start work on 2016 projects. However, with the saga continuing to drag on, and Lotus struggling to pay its bills, Abiteboul says it is still too soon to announce Renault's plans.

"There will be no announcement regarding Renault's future, short or middle term, over the weekend," he said at the Abu Dhabi Grand Prix. "But there will be an announcement, very likely in the course of the next week.

"We have always said we'd like to do that after the season - the season ends on Sunday."

Abiteboul described the delays in finalising the deal as "typical Formula 1", but he added a lot of the work has already been completed.

"It's been a proper roller coaster for us - there has been a lot of work done between Lotus and Renault," he said. "There has been a process going on since the signing of the letter of intent [in September]. Fifty people have been working night and day on the realizing of a majority stake in Lotus."

Lotus deputy team principal Federico Gastaldi added that the final details of the takeover remained in Renault's hands.

"We're on the same page," he said. "We've been working all the time since the Singapore race. We have Renault people already at the factory - it doesn't change anything. We cannot push Renault to make the decision because it is their call."

When Renault signed its letter of intent with Lotus, the team was given until December 7 by the High Court to resolve its future amid its case with HMRC in the UK over owed PAYE payments.

Originally on Autosport.com