Renault has confirmed a return to Formula 1 with its own team for the 2016 season, as Nissan, Infiniti and Red Bull Racing have reached mutual agreement to end their partnership a year early.
12-time Constructor's Champion Renault, with nearly 40 years in the sport, is an iconic brand in Formula 1. Work continues on finalising the terms to the acquisition of the Lotus F1 team in the 'shortest timeframe possible'. The Lotus F1 Team stood out as the ideal option for Renault having worked together for 15 years. As a full team, Renault will says it will take maximum benefit from its victories, adding 'the payback as an engine supplier proved to be limited'.
Renault has had uninterrupted involvement in Formula 1 for almost 40 years and has taken part in more than 600 grand prix, claiming 168 race wins, 12 Constructors' titles and 11 Drivers' crowns.
"Renault had two options: to come back at 100 percent or leave. After a detailed study, I have decided that Renault will be in Formula 1, starting 2016. The final details supplied by F1's main stakeholders gave us the confidence to accept this new challenge. Our ambition is to win, even if it will take some time," said Carlos Ghosn, Chairman and CEO, Renault.
Meanwhile, Nissan, Infiniti and the Red Bull Racing Formula One team have reached mutual agreements to discontinue the partnership between the two automotive brands and the F1 team at the end of December this year, one year earlier than originally stipulated.
Infiniti and Red Bull Racing started their commercial partnership in 2011 before Infiniti became the title sponsor of the team in 2013.