Renault completes Lotus F1 takeover

The French manufacturer will return to the sport as a constructor next season having spent the last five years as an engine supplier to the likes of Red Bull and Lotus.

Renault confirmed their intention to buy out the financially-stricken Enstone team in September and a deal was agreed in principle earlier this month.

And Lotus have now confirmed that all contractual obligations have been completed, with Jerome Stoll named as chairman and Cyril Abiteboul as managing director.

A statement from Lotus read: "The new team name, full management structure, team partners and other details will be announced during an event to be held in Paris in February.

"Following the signing of a letter of intent by Groupe Renault and Gravity Motorsport S.a.rl on 28 September 2015, the parties entered into the various agreements on 3 December 2015.

"Since then, all parties involved have been working relentlessly to comply with all of the contractual and legal obligations under the agreements to enable the transaction to successfully complete.