Renault-Lotus, here we are: a letter of intent has been signed for the purchase of the team

Renault has announced that it has signed a deal together with Gerard Lopez, president of Genii Capital and owner of the Lotus team Letter of Intent for the purchase of the relevant F1 team.

The letter of intent is not a pre-contract, nor a preliminary contract, but a declaration of programmatic intent which does not oblige the parties to contract, but is useful in any case to put down on paper the serious intention of reaching the conclusion of the negotiation.

“The Renault group and Gravity Motorsports Sarl, a subsidiary of Genii Capital SA – we read in a press release from Regiè -  are pleased to announce the signing of a letter of intent regarding the potential purchase by Renault of the majority shareholding in Lotus F1 Team Ltd. The signing of this letter of intent is Renault's first step towards realizing the project of an official F1 team starting from 2016, thus extending the Renault brand's commitment to the main world motorsport championship to thirty-eight years. Renault and Gravity will work together over the coming weeks to turn this initial commitment into a definitive agreement, provided that the terms and conditions satisfy all parties involved in the negotiation."

Antonino Rendina  

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