F1: Renault now possess 'keys' to Lotus

Renault has finally completed its takeover of Lotus and will officially compete in Formula 1 from 2016 as a works entrant. The rubber-stamping of the deal was effectively done on Monday at the UK High Court in London, with an insolvency petition formally dismissed.

Earlier this month Renault announced the signing of principal contracts with regard to it purchasing a majority stake in Lotus. Both parties, however, were forced to head back to the High Court on Dec. 7 to confirm to Justice Birrs a deal was all but concluded.

Lotus's case with HMRC, in respect of owing £2.7 million ($4m) in back taxes, had twice previously been adjourned due to ongoing negotiations at the time with Renault.

Lotus then asked for a final 14 days to tie up all the loose ends with Renault, with payments to a long list of creditors – including HMRC – needing to be made, along with the signing of the all-important share purchase agreement [SPA].

"Everything has all gone through and is all completed. The payments to the creditors were released late last week," Lotus CEO Matthew Carter said. "Today was effectively just a simple box-ticking exercise."

In court, lawyers representing Renault were able to inform the presiding judge: "We have the keys, so to speak," allowing him to dismiss the case.

Originally on Autosport.com