The word from the UK is that an agreement has been signed between Lotus F1 Team and Renault for the French manufacturer to have an option to buy the team. The price of the option is believed to be little more than a payment to settle the dispute with Her Majesty’s Revenue and Customs. This means that the team will avoid being put into administration on Monday. Renault will now move forward on the purchase, with the goal being to take control of 70 percent of the team. The previous owners will still have some equity left in the team, but are likely to take a major financial hit as Renault is not believed to be offering the previous shareholders much money. It could be that there will be long term profits, in which case they will be able to recoup some of the losses incurred, but it will be a long time before that happens – if it ever happens.
There is a suggestion that there may be a window for another buyer to deliver a payment before a deadline in the next couple of hours, but if this does not happen, Renault will have won the game.