Group Lotus will be back in Formula One in 2011 after Renault sold its last remaining stake in its team.
Renault sold a majority stake to Genii Capital last year and the sale of its remaining stake back to the private investment firm has allowed Group Lotus to buy into the team, with the Renault cars being re-branded Lotus Renault GP from 2011 and running with the iconic JPS black-and-gold livery.
The pair have entered into a “comprehensive strategic alliance”, according to an official statement.
Renault will stay on as an engine supplier to teams including Red Bull and the team that carried the Lotus name this season. With 2010’s Lotus F1 team being officially entered as Team Lotus for 2011, this means there will be two Lotus Renault teams on the grid - although only one will have works support.
The Group Lotus deal will run until 2017 and Renault is believed to have signed up for a multi-year engine supply deal.