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Group Lotus in Collaboration with Renault

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Group Lotus in Collaboration with Renault
The Renault team is set to be known as Lotus Renault GP next season after agreeing on a deal for title sponsorship with Group Lotus, which will run till 2017. This announcement marks the return of the British producer of sports
cars to Formula 1 with the full support of the parent company Proton.
Group Lotus is also significantly becoming the equity partner for the Renault team with the current owners, Genii Capital in a strategic alliance between the two companies also offering considerable commercial support for its range
of road cars. Renault will provide engines to the team while handling the engineering  department and also provide technical expertise for Group Lotus.

The Chairman of the Renault team commented in the press conference, “We are delighted that we can now go public with the news that we will be racing as Lotus Renault GP in 2011, it is extremely exciting to begin a new era for the team in partnership with Group
Lotus, and we will continue to enjoy a strong relationship with Renault over the coming seasons. It is a tribute to the excellent work this year by the team in Enstone that we have been able to attract both major sponsorship and new investment for a very bright
future.”
Group Lotus CEO Dany Bahar said: “I can think of no better platform for automotive brand communications than motor sport and F1 is the very pinnacle of open-wheel racing. We’re well aware that there has been a lot of controversy
around the usage of our brand in F1 and I’m delighted to be able to formally clarify our position once and for all: we are Lotus and we are back.”
The new partnership is made possible by the French giant Renault  being able to sell its remaining stake in the team to Genii Capital. Group Lotus shall now be the co-owner of the team with Genii Capital.
For the season to come, the team plans to race in a black and gold livery that was last used in the 1980s when Lotus and Renault joined forces previously. This insignia has been on the drawing board for over two months now in order
for its reinterpretation as a graphic signature in-line with the modern media requirements.
In other news, Renault have issued a formal apology to the former driver Nelson Piquet Junior and his father after the High Court decision that the team had made false allegations against them two years back. The charges by Renault
were very serious in nature and accused Nelson Junior and his father of being involved in the Singapore Grand Prix race-fixing scandal.
The press release issued that Piquet had deliberately crashed during the race and the team claimed his intent was to blackmail them allowing him keep his drive. Piquet took legal action against Renault for this accusation and won
the case. Renault, after embarrasingly losing the case, paid all his legal cost along with paying for substantial damages. They have also accepted that Piquet Junior and his father did not invent these allegations in order to blackmail the team Renault.
“As a result, these serious allegations contained in the press release were wholly untrue and unfounded, and we withdraw them unequivocally. We would like to apologise unreservedly to Mr Piquet Junior and his father for the distress
and embarrassment caused as a result.”
Renault were handed a two-year ban from the sport in September last year after it was found that the team boss Flavio Briatore and the Executive director of Engineering Pat Symonds had planned a crash with Piquet in order to benefit
the race strategy of team-mate Fernando Alonso, who by the way, was unaware of the whole scheme.

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