F1: Lotus/Renault completion set for Dec. 16

Renault has confirmed it will conclude its purchase of Formula 1 team Lotus by Dec.16.

Four days after Renault announced the signing of principal contracts for its takeover of Lotus, the two parties returned to the UK High Court on Monday. During months of negotiations, Lotus was forced to head to the High Court to explain its failure to pay £2.7 million [$4m] in back taxes for the months of June, July and August.

With talks ongoing, the presiding judge 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 a share purchase agreement [SPA] will be signed by Dec.16.

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

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

Originally on Autosport.com