- 27 Dec 15, 17:45#439085
Renault buys Lotus - for £1!
http://www.motorsport.com/f1/news/renau ... am-664965/
Renault paid just £1 to take over the Lotus Formula 1 team when the deal was finalised just before Christmas, company accounts have revealed.
Delivering an indication of just how keen the previous owners were to find new funding and an investor who could pay off past debts, only a token payment was necessary to finalise the deal.
Accounts also confirm that Genii Capital and its affiliate Gravity Motorsports have retained 10% ownership of the restructured organisation, and waived £98.2m of shareholder loans to the team.
A good deal with Genii eating its loans for just a 10% stake in the team. So will Renault be keeping Maldonado??
http://www.motorsport.com/f1/news/renau ... am-664965/
Renault paid just £1 to take over the Lotus Formula 1 team when the deal was finalised just before Christmas, company accounts have revealed.
Delivering an indication of just how keen the previous owners were to find new funding and an investor who could pay off past debts, only a token payment was necessary to finalise the deal.
Accounts also confirm that Genii Capital and its affiliate Gravity Motorsports have retained 10% ownership of the restructured organisation, and waived £98.2m of shareholder loans to the team.
A good deal with Genii eating its loans for just a 10% stake in the team. So will Renault be keeping Maldonado??
The truth is incontrovertible. Malice may attack it, ignorance may deride it, but in the end, there it is. - Winston Churchill
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